Tuesday, 30 September 2014
Last updated 1 hour ago
Jan 7 2013 | 11:02am ET
The liquidator of Weavering Capital, whose founder faces fraud charges, has sued the collapsed hedge fund's Irish administrator for as much as €500 million.
Grant Thornton alleges that BNY Mellon Investment Servicing International improperly calculated Weavering's assets under management. The hedge fund claimed to have assets worth more than US$530 million, when it allegedly owned just a single US$637 million swap agreement with a company controlled by the hedge fund itself.
"We believe the issues being heard in this case are of vital importance in establishing the responsibilities of companies offering hedge fund administration services, and ensuring Irish law appropriately protects investors in hedge funds administered in this jurisdiction," a Grant Thornton spokesman said.
Weavering's auditors, Ernst & Young, have also been sued.
BNY Mellon itself never provided services to Weavering, which collapsed in 2009. But it bought Weavering's administrator, PNC Global Investment Servicing, the following year.
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...