(Bloomberg) -- Segantii Capital Management Ltd. gave investors its first performance update after authorities in Hong Kong last week charged the Asian hedge fund with insider trading, according to people familiar with the matter.

The $4.8 billion Segantii Asia-Pacific Equity Multi-Strategy Fund was up about 0.3% in April, said the people, citing an initial estimate provided by the firm. The fund returned 2.51% in the first quarter, according to a previous update sent to investors.

While it’s not unusual for hedge funds to send preliminary performance numbers to investors, Segantii’s update comes as the firm battles criminal charges for allegedly engaging in insider trading ahead of a block trade.

Separately, Segantii has taken to reassure investors that it is “business as usual” at the firm, said the people, asking not to be identified because the communications were confidential. 

Kurt Ersoy, Segantii’s Hong Kong-based chief executive officer, declined to comment.

In the first quarter, the fund made money from relative-value trades, such as those involving companies with listings both in Hong Kong and mainland China, along with corporate events including equity capital markets deals in Asia and Europe, according to the firm’s March performance update sent to investors. 

Segantii’s multistrategy fund has suffered only two small annual losses in more than 16 years of operations. The track record made it one of the most consistent performers in the regional hedge fund industry.

Hong Kong’s Securities and Futures Commission last week announced it had started criminal proceedings against Segantii, its founder Simon Sadler and former long-time trader Daniel La Rocca for alleged insider dealing before a June 2017 block trade involving an unidentified Hong Kong-listed company.

They didn’t enter a plea. Sadler and La Rocca were released on cash bail with various restrictions on movement and contacting prosecution witnesses, with the next court hearing is scheduled for June 12, the statement said. 

In a brief emailed statement on May 2, Segantii vowed to “defend itself vigorously against the charge.”

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