Tuesday, 1 December 2015
Last updated 3 hours ago
Sep 23 2010 | 12:26pm ET
British investigators have expanded their probe into collapsed hedge fund Weavering Capital, which has already yield a pair of arrests.
The U.K. Serious Fraud Office is interviewing the London-based hedge fund’s staff and is in touch with the firm’s administrators and creditors, Reuters reports. The SFO has also met with the Swedish economic crime authority—Weavering founder Magnus Peterson, one of the two men arrested in May, is Swedish.
The investigation is reportedly zeroing in on a questionable interest rate swap that may have been used to hide losses at the hedge fund, which collapsed in March after being unable to meet more than US$100 million in redemption requests. Court-appointed liquidator PricewaterhouseCoopers said last year that a substantial amount of Weavering’s US$693 million in swaps had as a counterparty a British Virgin Islands company controlled by Peterson.
No charges have been brought against either Peterson or the other man arrested last May.
Peterson has also been sued by the fund’s creditors, who are seeking US$475 million.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…