Saturday, 28 November 2015
Last updated 12 hours 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.
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…