US colleges' fund manager loses $128m

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US colleges' fund manager loses $128m

The Common Fund, a US fund manager that oversees almost $20bn (pounds 125bn) for colleges and other educational institutions, admitted that a rogue trader had caused it to lose about $128m The fund's president, David Storrs, said the loss resulted from "unauthorised trading" at First Capital Strategies, a securities firm that manages some of the securities owned by the Common Fund