Hedge Fund Magellan Says Dubai Regulator Ends Probe, Clears Firm

Magellan Capital Limited said Dubai’s financial regulator has ended an investigation into the hedge fund startup, and found no evidence of impropriety following a months-long probe prompted by complaints from a former employee.

“The outcome of the review, with which Magellan Capital Limited fully cooperated, reaffirms the firm’s strong governance, transparency and commitment to the highest professional standards,” it said in a statement on Wednesday.

The Dubai Financial Services Authority’s findings bring the issue to “a clear and final close,” Magellan said. A representative for the DFSA declined to comment.

The regulator began its investigation after a former trader claimed ...