Martin Wheatley, last seen in 2015 when he was employed as the Chief Executive of Financial Conduct Authority (FCA) in the United Kingdom, has returned to the world of finance. He now advises Oasis Management, a hedge fund operating out of Hong Kong. There are also talks of him taking new fintech jobs.
Wheatley joined the FCA as the organization's maiden executive after it was created in 2013. The financial entity was tasked to clean the city after the financial crisis. Under him, financial institutions and even a few individuals were subjected to huge penalties. These penalties, however, were not as punitive as levied by the FCAs United States' counterparts.
Wheatley is familiar with Oasis Management as he held the top position in the Securities and Futures Commission of Hong Kong before he joined the FCA. In an interview with a prominent business newspaper, he said that a few other things are on the works. These projects, he said, are yet to be made public. Prior to Hong Kong, the Britisher spent about 18 years working at the London Stock Exchange, where his last position was deputy chief executive.
George Osborne, who was then the Chancellor of the Exchequer, removed Wheatley from the top role on the logic that a tougher oversight will hurt UK competitiveness, ejecting businesses out of the UK. Wheatley during his days as a regulator has cracked down on hedge funds on charges of insider trading and short selling. He increased the transparency of the Hong Kong market by introducing a unique disclosure regime targeted towards short sellers. He was also the chairperson of a task force put together to tackle short selling at International Organization of Securities Commissions. The organization has in excess of 100 regulatory bodies under its umbrella.
Wheatley was clearly disappointed when he was forced to leave the FCA. He did not mask his dismay, underlining it by saying that he was exiting with a sense of a business not brought to its conclusion. After this, he became engaged in his hobbies, furniture making and also woodworking.
Seth Fischer, Oasis's chief investment officer and incidentally the founder of the said company, along with Wheatley, will be giving a speech to a crowd filled mainly with hedge fund managers when they will meet at Sohn's Conference to be held on June 7. This conference collects money for research into different kinds of cancer.