Friday, 31 October 2014
Last updated 51 min ago
Aug 29 2011 | 11:26am ET
A Cayman Islands court has fined two directors of collapsed hedge fund Weavering Capital US$111 million each.
The court found the two directors of the Weavering Macro Fixed Income Fund, who were not identified, guilty of willful neglect or default in the discharge of their duties, law firm Ogier Cayman said. Ogier Cayman brought the allegations against the directors on behalf of the fund's liquidators.
"The case shows that directors of Cayman Islands investment funds cannot sit idly by, leaving the management and control of the fund to its service providers," Ogier's Shaun Folpp said. "A director's duty to supervise the affairs of the company, and to exercise reasonable care, skill and diligence are non-delegable."
Weavering collapsed more than two years ago after it was unable to meet redemptions. An internal probe found that the Cayman fund's only asset was a US$637 million swap agreement with a company that was controlled by Weavering itself. Weavering CEO Magnus Peterson and another person were arrested in the case, and Peterson was sued for US$475 million.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.