Police hold 5 fund managers amid probe into wrongdoing

Five China-based fund managers from HFT Investment Management are being held by police for further criminal investigation, as regulators clampdown on rampant insider trading, South China Morning Post reported. The China Securities Regulatory Commission announced the detainments on Friday. The nationwide crackdown on the mutual fund industry is expected to shake up the stockmarket as dozens of rogue fund managers are netted in the coming months, said unnamed sources close to the CSRC. Powerful Chinese fund managers routinely take advantage of inside information to trade shares themselves by using the brokerage accounts of their relatives.