扑克智咖专栏 | 麦肯锡利用自家咨询信息优势玩转对冲基金？
The following article is from 灰岩金融科技 Author Dorian君
本文来自灰岩金融科技，作者：扑克智咖Dorian君。如需转载，请联系原作者。更多精彩内容，请下载扑克财经App（iOS及安卓版本均可下载）。
对冲基金从本质来说，是一个人类资本时代里，最高效的资本运作形式。
资本通过一个境外的实体，同时通过大笔的资金在不同的国家，经济体（跨市）以及不同的资产级别（跨资产）里流转。
传统的做生意，需要买卖，需要资本——商品——资本的过程。然而在资本流转的过程中，需要实体商品/服务的维护，以及递交以及成交的过程。如果你是一个开杂货店的小贩，你需要通过在渠道购买商品，放在自家的陈列架上销售。
如果你是个做实体的，搞生产工厂的，你需要建立一个工厂，需要批地，需要组织.
然而在对冲基金的世界里，仅仅是资本——一纸合约——资本的过程。
在流动性最强的二级市场里，对冲基金能做多，能做空，能增加杠杆，能够在短时间内组织最大的资本，在最短的时间里在不同的市场投资交易套现。
正因如此，许多国际大财团都开始建立，用他们自己的话说，就是“委托第三方third party” 一般是某个隐秘的隐藏在境外小国家的某只LLC或是基金。苹果电脑（AAPL）拥有自己的对冲基金，而Mckinsey 近期被纽约时报曝光，其旗下的对冲基金MIO下，拥有一只叫做 “Compass special situation Fund” 从名字可以了解，就是一只专注于各种特殊事件套利的基金。对冲基金世界里，特殊事件包含破产清算重组等类型的事件。
然而MIO，以及这只基金常年高于标普的收益率，以及麦肯锡本身在各种合作伙伴的咨询业务的深度参与（破产，重组并购等），让人不得不怀疑其中是否有利益冲突，麦肯锡作为未上市的全球咨询顶尖提供商，是否与它旗下的MIO，利用自身参与项目获得的信息优势，以进行内幕交易。
然而麦肯锡在其twitter宣称，其旗下MIO的管理只包括了自家管理层的退休金的管理。这个火爆的新闻无疑持续进一步掀开了华尔街大firm内幕交易的丑闻风暴。甚至有可能进一步引发舆论风暴。
以下为New york Times 抨击New York Times的原文：
As McKinsey Sells Advice, Its Hedge Fund May Have a Stake in the Outcome.
由于麦肯锡是出售建议的全球顶级资讯商，其对冲基金收益可能来自其业务优势。
McKinsey has revealed little about the hedge fund it owns, MIO Partners, concealing many of the investments in shell companies on the island of Guernsey.CreditMcKinsey & Company sign at bottom left: Arnd Wiegmann/ReutersImage.
麦肯锡几乎没有透露它拥有的对冲基金，MIO Partners，隐瞒了格恩西岛上贝壳公司的许多投资.CreditMcKinsey＆Company签在左下角：Arnd Wiegmann / ReutersImage。
McKinsey has revealed little about the hedge fund it owns, MIO Partners, concealing many of the investments in shell companies on the island of Guernsey.CreditCreditMcKinsey & Company sign at bottom left: Arnd Wiegmann/Reuters
麦肯锡几乎没有透露它拥有的对冲基金，MIO Partners，隐瞒了格恩西岛上贝壳公司的许多投资.CreditCreditMcKinsey＆Company签在左下角：Arnd Wiegmann /路透社
The sins of Valeant Pharmaceuticals are well known. Instead of spending to develop new drugs, Valeant bought out other drugmakers, then increased prices of lifesaving medicines by as much as 5,785 percent. Patients had no choice but to pay.
Valeant Pharmaceuticals的罪名是众所周知的。 Valeant没有花费开发新药，而是购买了其他制药商，然后将救命药品的价格提高了多达5,785％。 患者别无选择，只能付钱。
Valeant’s chief executive, J. Michael Pearson, was hauled into a 2016 Senate hearing and verbally thrashed by lawmakers. “It’s using patients as hostages. It’s immoral,” said Claire McCaskill, then the Democratic senator from Missouri. One executive went to prison for fraud. The company’s share price collapsed.
Valeant的首席执行官J. Michael Pearson被拖入2016年参议院听证会并被立法者辱骂。 “它将患者作为人质。 这是不道德的，“当时来自密苏里州的民主党参议员克莱尔麦卡斯基尔说。 一名高管因欺诈入狱。 该公司的股价暴跌。
It hadn’t always been that way. Before Valeant’s fall, its stock was a Wall Street darling, attracting high-profile investors who tirelessly promoted the company on financial news channels. But one investor especially avoided the spotlight — a secretive hedge fund owned by McKinsey & Company, the world’s most prestigious consulting firm. McKinsey, in fact, had deep ties to the drugmaker: Four top Valeant officials, including Mr. Pearson, were McKinsey veterans, and the firm was advising Valeant on drug prices and acquisitions.
它并非一直如此。 在Valeant垮台之前，它的股票是华尔街的宠儿，吸引了在金融新闻频道不知疲倦地推广公司的知名投资者。 但是，一位投资者尤其避开了这一焦点 - 这是一家由世界上最负盛名的咨询公司麦肯锡公司（McKinsey＆Company）所拥有的秘密对冲基金。 事实上，麦肯锡与该制药商有着深厚的联系：包括皮尔森先生在内的四位顶级Valeant官员都是麦肯锡的资深人士，该公司正在为Valeant提供药品价格和收购方面的建议。
J. Michael Pearson, left, testifying on Capitol Hill in 2016 after the pharmaceutical company he led, Valeant, raised the prices of lifesaving medicines. McKinsey had both advised and invested in Valeant.CreditDrew Angerer for The New York Times.
J. Michael Pearson，左，在他领导的制药公司Valeant提高救生药品的价格后于2016年在国会山作证。 麦肯锡曾为纽约时报的Valeant.CreditDrew Angerer提供建议和投资。
J. Michael Pearson, left, testifying on Capitol Hill in 2016 after the pharmaceutical company he led, Valeant, raised the prices of lifesaving medicines. McKinsey had both advised and invested in Valeant.
J. Michael Pearson，左，在他领导的制药公司Valeant提高救生药品的价格后于2016年在国会山作证。 麦肯锡曾为Valeant提供建议和投资。
CreditDrew Angerer for The New York TimesThat web of relationships underscores the unusual nature of McKinsey’s hedge fund, and the potential for undisclosed conflicts of interest between the fund’s investments and the advice the firm sells to clients.
纽约时报的CreditDrew Angerer该关系网强调了麦肯锡对冲基金的不寻常性质，以及基金投资与公司向客户出售的建议之间可能存在未披露的利益冲突。
McKinsey is alone among the leading consulting firms in operating the hedge fund, which invests for about 30,000 current and former McKinsey partners and other employees. The fund — McKinsey Investment Office, or MIO Partners — is as opaque as its parent.
麦肯锡仅是运营对冲基金的领先咨询公司之一，该基金投资了大约30,000名现任和前任麦肯锡合伙人及其他员工。 该基金 - 麦肯锡投资办公室（MIO Partners）与其母公司一样不透明。
McKinsey does not disclose the identity of its clients — the chief executives, prime ministers and princes who seek its counsel on management best practices. And even as the firm is privy to market-moving corporate maneuvers and confidential government information, its hedge fund’s investments are often secret, with a large part of its approximately $12.3 billion in holdings concealed behind a tangle of shell companies in an island tax haven in the English Channel.
麦肯锡没有披露其客户的身份 - 首席执行官，总理和王子，他们就管理最佳实践寻求咨询。 即使该公司知道市场化的公司演习和机密的政府信息，其对冲基金的投资往往是秘密的，其大部分的123亿美元的资产隐藏在一个岛屿避税天堂的一群壳牌公司背后。 英吉利海峡。
As a result, any intersections between McKinsey’s consulting work and the fund’s investments are largely hidden.
因此，麦肯锡咨询工作与基金投资之间的任何交叉点都基本上是隐藏的。
MIO has over $12 billion in holdings, according to a filing with the Securities and Exchange Commission.
据美国证券交易委员会提交的一份文件显示，MIO拥有超过120亿美元的资产。
McKinsey says the way the fund is structured and operated ensures that its employee investors do not stand to benefit from the firm’s inside knowledge and consulting advice. Hedge fund managers do not coordinate with McKinsey consultants, the firm says, and about 90 percent of MIO’s capital, including the Valeant investment, is managed by outside funds.
麦肯锡表示，基金的结构和运作方式确保其员工投资者无法从公司的内部知识和咨询建议中受益。 该公司表示，对冲基金经理不与麦肯锡咨询公司协调，大约90％的MIO资本（包括Valeant投资）由外部基金管理。
“MIO and McKinsey employ separate staffs. MIO staff have no nonpublic knowledge of McKinsey clients,” the company said in a statement. “For the vast majority of assets under management, decisions about specific investments are made by third-party managers.”
“MIO和麦肯锡雇用了不同的员工。 MIO员工对麦肯锡的客户没有非公开的了解，“该公司在一份声明中表示。 “对于管理下的绝大多数资产，特定投资的决策都是由第三方经理做出的。”
But those assurances of church-state separation are increasingly, and very publicly, being challenged, in Congress and in lawsuits alleging that McKinsey failed to fully disclose conflicts of interest in its work advising companies going through bankruptcy.
但是，在国会和诉讼中，麦肯锡未能充分披露其为破产公司提供建议的工作中的利益冲突，这种对教会与国家分离的保证越来越受到挑战。
In one of them, a federal judge in Virginia last month reopened a coal-company bankruptcy case after learning that McKinsey had not disclosed, as required by law, that it was also among the company’s secured creditors, through MIO. The secured creditors recovered the most money. “These are some of the most serious allegations that I have ever seen,” said the judge, Kevin R. Huennekens.
在其中一个案例中，弗吉尼亚州的一名联邦法官上个月重新审理了一家煤炭公司的破产案，他得知麦肯锡没有按照法律要求通过MIO披露其也是该公司的有担保债权人之一。 有担保债权人收回了最多的钱。 “这些是我见过的最严重的指控，”法官Kevin R. Huennekens说。
Among the revelations in that lawsuit was that the head of McKinsey’s bankruptcy practice was also a member of the hedge fund’s board. Indeed, nine of the 11 people identified as MIO directors are current or former McKinsey consultants.
该诉讼的揭露之处在于，麦肯锡破产业务负责人也是对冲基金董事会成员。 事实上，被确定为MIO董事的11人中有9人是现任或前任麦肯锡顾问。
[McKinsey has agreed to pay $15 million to resolve a Justice Department investigation of its disclosures.]
[麦肯锡已同意支付1500万美元来解决司法部对其披露的调查。]
In Puerto Rico, where McKinsey is advising a board that seeks to reduce the island’s crippling debt, The New York Times reported last year that the hedge fund was invested in bonds that gave it a stake in the outcome. Afterward, a bipartisan group of House members introduced a bill to compel advisers like McKinsey to disclose potential conflicts of interest. And Representative Nydia M. Velázquez, a New York Democrat, and Senator Elizabeth Warren, the Massachusetts Democrat now running for president, wrote to McKinsey, assailing its conflict-of-interest disclosure as “opaque or nonexistent.” McKinsey responded that there was no relationship between its work in Puerto Rico and the fund’s bond investments.
在波多黎各，麦肯锡正在为一个寻求减少该岛瘫痪债务的董事会提供咨询服务，“纽约时报”去年报道说，该对冲基金投资的债券使其在结果中占有一席之地。 之后，两党众议院议员提出了一项法案，要求像麦肯锡这样的顾问披露潜在的利益冲突。 现任纽约州民主党代表NydiaM.Velázquez和现任竞选总统的马萨诸塞州民主党参议员伊丽莎白沃伦写信给麦肯锡，称其利益冲突披露为“不透明或不存在。”麦肯锡回应说没有 波多黎各的工作与基金的债券投资之间的关系。
破产索赔，列出由麦肯锡旗下的基金持有的波多黎各债券。 为此照片突出显示的两列显示了他们的面值，左侧和索赔金额。
An investigation requested by the oversight board found that MIO had five direct and indirect investments in Puerto Rico’s debt while McKinsey advised the island, according to a report released Monday. The investigation found no evidence that McKinsey violated any laws or that its consultants knew about MIO’s investments, though the report noted that any consultant could have learned about them by “reviewing publicly available (albeit usually dated and incomplete) information.” MIO’s holdings of Puerto Rico debt “could create the appearance of a potential conflict,” said the report, which recommended more thorough disclosure.
根据周一公布的一份报告，监督委员会要求的一项调查发现，MIO对波多黎各的债务进行了五次直接和间接投资，而麦肯锡为该岛提供了建议。 调查发现没有证据表明麦肯锡违反任何法律或其顾问知道MIO的投资，尽管该报告指出任何顾问都可以通过“审查公开的（虽然通常是过时的和不完整的）信息来了解它们。”MIO持有的波多黎各 该报告称，Rico债务“可能会造成潜在冲突的出现”，该报告建议进行更彻底的披露。
Much of what the fund invests in remains concealed. But The Times uncovered some investments through interviews with former fund officials and shareholders and a review of thousands of pages of documents, including court filings, prospectuses and leaked offshore records. Those investments range from Valeant to a Nepalese casino and a stake in a fund that lent money to the man who became China’s most notorious fugitive.
基金投资的大部分内容仍然存在。 但“泰晤士报”通过与前基金官员和股东的访谈以及对数千页文件的审查，包括法院文件，招股说明书和泄露的离岸记录，发现了一些投资。 这些投资范围从Valeant到尼泊尔赌场以及向这位成为中国最臭名昭着的逃犯的人提供资金的基金股份。
And while outside managers direct most of the firm’s holdings, its own traders have directly invested more than $1 billion in assets like commodities, foreign currencies and government bonds. With McKinsey increasingly advising governments around the world, those direct investments, highly sensitive to government policies, create the potential for conflicts of interest.
虽然外部经理指导公司的大部分股权，但其自己的交易员直接投资了超过10亿美元的资产，如商品，外币和政府债券。 随着麦肯锡越来越多地向世界各国政府提供建议，那些对政府政策高度敏感的直接投资会产生利益冲突的可能性。
“The mistake people make is to say, ‘Well, conflicts of interest aren’t so dangerous, because well-meaning professionals can navigate them objectively,’” said Daylian Cain, who teaches business ethics at the Yale School of Management. “But the research is out on this: No, they can’t.”
“人们犯的错误就是说，'好吧，利益冲突并不是那么危险，因为善意的专业人士可以客观地驾驭它们，'”在耶鲁大学管理学院教授商业道德的Daylian Cain说。 “但研究就是这样：不，他们做不到。”
Gaining Ground in a Talent War
在人才战争中取得成功
McKinsey sells itself as a partnership of the best and the brightest, marshaled to confront the toughest problems. But that defining claim was threatened in the early 1990s as soaring Wall Street salaries dimmed the allure of consulting careers. One McKinsey consultant called it a “war for talent.”
麦肯锡将自己作为最优秀和最聪明的合作伙伴出售，并采用整齐的方式应对最严峻的问题。 但这种定义的主张在20世纪90年代初受到威胁，因为飙升的华尔街薪水使咨询职业的吸引力变得黯淡。 麦肯锡的一位顾问称其为“人才争夺战”。
MIO was set up in part to attract and retain that talent, offering an in-house hedge fund that gave financial advice and had a portfolio of high-quality, low-fee funds, according to a former MIO executive.
根据前MIO执行官的说法，MIO的成立部分是为了吸引和留住这些人才，提供内部对冲基金，提供财务建议，并拥有一系列高质量，低费用的基金。
It was a novel idea. Management consultants were not known for managing money. It also represented a broad philosophical shift at McKinsey. Tom Peters, the management guru and co-author of “In Search of Excellence,” said that during his time as a McKinsey partner in the late 1970s, managers rejected the notion of having financial stakes in their clients.
这是一个新颖的想法。 管理顾问并不知道如何管理资金。 它也代表了麦肯锡广泛的哲学转变。 汤姆彼得斯是管理专家，也是“追求卓越”的合着者，他说，在20世纪70年代末担任麦肯锡合伙人期间，经理人拒绝接受客户持有金融股份的想法。
“You can’t be advising people and have a fiduciary interest in the people you’re advising,” Mr. Peters said in an interview.
彼得斯在接受采访时说：“你不能为人们提供建议，并对你所建议的人有信托利益。”
Today, on the 13th floor of an aging office building five blocks from McKinsey’s home office in Midtown Manhattan, MIO oversees vast sums of money — with what appears to be considerable success.
如今，在位于曼哈顿中城麦肯锡办公室的五个街区的老化办公大楼的13楼，MIO负责管理巨额资金 - 看起来取得了相当大的成功。
Internal documents examined by The Times show that from 2000 to 2010, MIO’s flagship fund, the Compass Special Situations Fund, had an average annual return above 9 percent, compared with a 1.6 percent loss in the S&P 500 Index. In 2008, when the broader United States stock market fell more than 36 percent, the Special Situations Fund lost about half that amount.
“纽约时报”审查的内部文件显示，从2000年到2010年，MIO的旗舰基金Compass Special Situations Fund的平均年回报率超过9％，而标准普尔500指数则下跌1.6％。 2008年，当更广泛的美国股市下跌超过36％时，特殊情况基金损失了大约一半。
McKinsey’s main competitors, Bain & Company and Boston Consulting Group, have nothing like MIO. Regulatory filings show that an outside manager, Vanguard, manages their employees’ 401(k) retirement accounts.
麦肯锡的主要竞争对手贝恩公司和波士顿咨询集团都没有像MIO那样的人。 监管文件显示，外部经理Vanguard管理其员工的401（k）退休账户。
But investments for McKinsey’s 401(k) plan, which must be disclosed to the Department of Labor, make up only about half of MIO’s assets. The rest, about $6 billion, is the private wealth of McKinsey’s current and former partners, according to a disclosure to the Securities and Exchange Commission.
但麦肯锡401（k）计划的投资，必须向劳工部披露，仅占MIO资产的一半左右。 根据向美国证券交易委员会披露的信息，其余约60亿美元是麦肯锡现任和前任合伙人的私人财富。
Those partners have access to a trove of inside knowledge about their clients.According to its website, McKinsey counts as clients 90 of the world’s 100 biggest companies. It advises two-thirds of the top mining companies, more than half of the top 25 airlines and 60 percent of the 100 largest banks.
这些合作伙伴可以获得有关其客户的大量内部知识。根据其网站，麦肯锡被评为全球100家最大公司中的90家。 该公司为三分之二的顶级矿业公司提供咨询服务，超过前25家航空公司的一半以及100家最大银行中的60％。
At the same time, the current or former McKinsey consultants who dominate MIO’s board include the leaders of the firm’s wealth and asset management and energy practices, according to an S.E.C. filing.
与此同时，主管MIO董事会的现任或前任麦肯锡顾问包括该公司财富和资产管理以及能源实践的领导者，据S.E.C.备案。
That board structure has come under scrutiny by the Justice Department amid the lawsuits alleging that McKinsey engaged in fraud by failing to fully disclose conflicts of interest in its bankruptcy work. The three suits were brought by Jay Alix, a retired bankruptcy adviser who retains a minority interest in a consulting company he founded.
在诉讼指控麦肯锡因未能完全披露其破产工作中的利益冲突而进行欺诈的诉讼中，该董事会结构受到了司法部的严格审查。 这三起诉讼是由杰伊·阿利克斯（Jay Alix）带来的，他是一位退休的破产顾问，保留了他所创立的咨询公司的少数股权。
In Virginia, the judge ordered a reopening of the bankruptcy case of Alpha Natural Resources after an official with the Justice Department’s Office of the United States Trustee argued that the hedge fund was not a “blind trust,” as claimed. The Justice Department pointed out that the head of McKinsey’s bankruptcy practice, Jon Garcia, sat on the fund’s board. Until he stepped down in 2017, Mr. Garcia received regular reports on the fund’s investment decisions and ratified them, the official said.
在弗吉尼亚州，法官下令重新开启Alpha Natural Resources的破产案，此前司法部美国受托人办公室的一名官员认为对冲基金并非如所声称的“盲目信托”。 司法部指出，麦肯锡破产案的负责人乔恩·加西亚（Jon Garcia）坐在该基金的董事会上。 这位官员说，在他于2017年辞职之前，加西亚先生定期收到有关该基金投资决定的报告，并批准了这些决定。
In another case, the trustee’s office, which oversees the bankruptcy system, said in a December court filing that McKinsey had “pervasive disclosure deficiencies” in its bankruptcy work with a Colorado coal-mining company. McKinsey, the trustee argued, should be removed from the bankruptcy case and stripped of its fees.
在另一起案件中，监管破产制度的受托人办公室在12月的法庭文件中表示，麦肯锡在与科罗拉多州一家煤矿公司的破产工作中存在“普遍存在的披露缺陷”。 受托人认为麦肯锡应该从破产案中移除并剥夺其费用。
On Tuesday, the trustee’s office announced that it had reached a $15 million settlement with McKinsey over the firm’s inadequate disclosures in the three bankruptcy cases. Mr. Alix’s lawsuits continue.
周二，受托人办公室宣布已与麦肯锡达成1500万美元的和解，因为该公司在三起破产案中披露的信息不足。 Alix先生的诉讼仍在继续。
In a statement, McKinsey noted that the settlement did not “constitute an admission of liability or misconduct,” adding that the firm had agreed to the settlement “to move forward and focus on serving its clients.”
麦肯锡在一份声明中指出，该和解协议并未“构成对责任或不当行为的承认”，并补充称该公司已同意该协议“向前推进并专注于为其客户提供服务”。
Until the flurry of attention from the bankruptcies and the Puerto Rico controversy, the very existence of McKinsey’s hedge fund had largely escaped public notice. McKinsey declined to make Todd Tibbetts, the fund’s longtime chief investment officer, or any other officials available for interviews for this article.
在破产和波多黎各争议引起的一连串关注之前，麦肯锡对冲基金的存在基本上没有引起公众的注意。 麦肯锡拒绝让该基金的长期首席投资官Todd Tibbetts或任何其他官员可以接受本文的采访。
For someone who manages such a large and successful portfolio, there is surprisingly little public information about Mr. Tibbetts. So secretive is the fund under Mr. Tibbetts that its managers were discouraged from attending industry events and, even when they did, from talking to participants, one former fund executive said.
对于管理如此庞大而成功的投资组合的人来说，关于Tibbetts先生的公开信息令人惊讶。 一位前基金主管表示，在Tibbetts先生的指导下，其基金管理人员不愿意参加行业活动，即使他们这样做，也不会与参与者交谈。
One reason for the secrecy, another former executive said, is that McKinsey does not want people connecting any dots between what its consultants do and where its hedge fund invests. (The former fund officials requested anonymity because they were not authorized to speak to the press.)
另一位前执行官表示，保守秘密的一个原因是，麦肯锡不希望人们在顾问所做的事情和对冲基金投资的地方之间加入任何关联点。 （前基金官员要求匿名，因为他们无权向新闻界发表讲话。）
MIO’s secrecy is also manifest in the location it chose to house so much of its money — at least $4 billion, according to S.E.C. filings: the tiny English Channel island of Guernsey.
根据S.E.C.，MIO的秘密也体现在它选择储存大量资金的位置 - 至少40亿美元。 文件：英格兰海峡小岛根西岛。
An Island of Buried Treasure
一个被埋藏的宝藏岛
Trafalgar Court is a grand name gracing a forgettable modern office building wildly out of place in the postcard-perfect town of St. Peter Port. Inside, hundreds of deskbound office workers do the work that is Guernsey’s lifeblood: hiding billions of dollars from the outside world.
特拉法加法院（Trafalgar Court）是一座宏伟的名字，在明信片般完美的圣彼得港镇（St. Peter Port）中，这座古老的名字令人难忘。 在内部，数百名桌面办公室工作人员完成了根西岛生命线的工作：从外部世界隐藏数十亿美元。
The Guernsey offices of Northern Trust, an asset manager that offers clients secrecy through the use of shell companies.
Northern Trust的根西岛办事处，一家资产经理，通过使用空壳公司为客户提供保密服务。
This is the Guernsey headquarters of Northern Trust, a Chicago-based asset manager. For a price, it offers exceptional secrecy through Barfield Nominees, an obscure company it controls.
这是位于芝加哥的资产管理公司Northern Trust的根西岛总部。 对于一个价格，它通过Barfield Nominees提供了非凡的保密性，Barfield Nominees是一家不为人知的公司。
At the Guernsey Registry, there is little information on Barfield Nominees other than that it has three directors, all Northern Trust executives who work at Trafalgar Court. Douglas A. Holt, a Northern Trust spokesman, said Barfield acted as a custodian, holding assets for its clients. These assets are identified only by a number.
在根西岛注册处，关于Barfield Nominees的信息很少，除了它有三名董事，所有Northern Trust高管在特拉法加法院工作。 北方信托发言人道格拉斯·霍尔特（Douglas A. Holt）表示，巴菲尔德担任托管人，为其客户持有资产。 这些资产仅由数字标识。
A document from the Guernsey registry providing information on one of MIO’s funds.
来自根西岛登记处的文件，提供有关MIO基金之一的信息。
“The identity of Northern Trust clients and their beneficial ownership is confidential,” he said.
“北方信托客户的身份和他们的受益所有权是保密的，”他说。
Very few documents link Barfield Nominees to McKinsey’s hedge fund, but when they do, MIO money can be traced to unusual places like a casino in Kathmandu, Nepal, called the Millionaire’s Club.
很少有文件将Barfield Nominees与麦肯锡的对冲基金联系起来，但当他们这样做时，MIO的钱可以追溯到像尼泊尔加德满都赌场这样称为百万富翁俱乐部的不寻常的地方。
Then there were MIO’s investments — through three Barfield Nominees numbered entities — in a Hong Kong-based asset manager called PAG, formerly Pacific Alliance Group.
然后是MIO的投资 - 通过三个Barfield Nominees编号的实体 - 在一家名为PAG（前身为太平洋联盟集团）的香港资产管理公司。
The McKinsey fund took stakes in two China-focused PAG funds. In a 2010 London exchange filing, PAG disclosed that MIO had a stake of more than 10 percent in one fund, worth about $20 million. At the end of 2015, MIO also owned more than a quarter of another China-focused PAG fund.
麦肯锡基金持有两只以中国为重点的PAG基金的股份。 在2010年伦敦交易所提交的文件中，PAG透露，MIO在一个基金中拥有超过10％的股份，价值约2000万美元。 截至2015年底，MIO还拥有另外四分之一的以中国为重点的PAG基金。
In 2008, Pacific Alliance had made a big bet on a real estate mogul who owned a colossal office and luxury apartment complex next to the site of that year’s Summer Olympics in Beijing. Court records show that it lent $30 million to a company controlled by the mogul, who had deep ties to China’s intelligence community and was already notorious for allegedly orchestrating the downfall of a Beijing vice mayor with a sex tape.
2008年，太平洋联盟对一位房地产大亨进行了大赌注，该房地产大亨在当年北京夏季奥运会场地旁边拥有一个巨大的办公室和豪华公寓大楼。 法庭记录显示，该公司向这家大亨控制的公司提供了3000万美元，该公司与中国的情报界有着深厚的联系，并因涉嫌用性爱录像带策划北京副市长的垮台而臭名昭着。
The ‘Pharmaceutical Enron’ - Valeant Group
'制药安然'
The Senate hearings on Valeant Pharmaceuticals examined how the company, under Mr. Pearson’s leadership, raised the price of Isuprel and Nitropress, decades-old heart medications commonly found on emergency-room crash carts.
参议院关于Valeant Pharmaceuticals的听证会审查了Pearson先生领导下的公司如何提高Isuprel和Nitropress的价格，这是几十年前在急诊室急救车上常见的心脏药物。
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