Wall Street hedge fund Tiger Asia will return outside capital to investors by the end of August in the wake of an alleged insider trading probe in Hong Kong, according to Reuters. 

Hong Kong's Securities and Futures Commission has for three years been looking into claims that Tiger Asia shorted China Construction Bank and Bank of China stock using secret information on their equity placements.

The firm, a spinoff of Tiger Management, the hedge fund launched by Julian Robertson, told investors in a letter signed by founder Bill Hwang, that it would return money in the next few weeks due to a "prolonged legal situation", said the newswire.