Sunday, 28 December 2014
Last updated 1 hour ago
Feb 24 2012 | 8:45am ET
Hedge fund 3 Degrees Asset Management may be on borrowed time.
The Singapore-based firm lost its appeal of an order to close. The hedge fund was found to have improperly channeled money into a company controlled by founder Mohamed Ibrahim.
The Monetary Authority of Singapore ordered 3 Degrees to cease operations by Nov. 9 of last year. But the hedge fund asked the Singapore High Court to overturn MAS's decision to revoke its exempt fund manager status.
Justice Belinda Ang declined to do so following a closed hearing on Feb. 23, Bloomberg News reports. MAS had argued that shuttering 3 Degrees would send a "strong message of deterrence."
3 Degrees said it had done nothing "illegal or improper" in structuring the loan from one of its funds. MAS began its investigation after 3 Degrees sued Agus Anwar to recover at least US$40 million in debt. Anwar then accused Ibrahim of diverting US$6.7 million to 3 Degrees. What's more, 3 Degrees' former lawyer, who has been sued by the hedge fund, told MAS that the two loans in question were connected and that Ibrahim wanted no paper trail for them.
3 Degrees has about US$215 million in assets under management. It stopped accepting new investors after MAS sought to pull its registration.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.