Sunday, 3 May 2015
Last updated 1 day ago
Jun 11 2013 | 12:09pm ET
Investors in troubled wine hedge fund Nobles Crus have seen their money frozen—by Luxembourg's financial regulator.
The Commission de Surveillance de Secteur Financier has "temporarily suspended all redemptions and subscriptions" at Nobles Crus, which is listed in the Grand Duchy. The move comes after fund manager Elite Advisors said it was unable to meet "considerable" redemptions.
"Nobles Crus now finds itself confronted with a few requests from some large institutional investors for redemptions involving considerable sums of money," Elite's Miriam Wilson and Michel Tamisier wrote. "Currently, Nobles Crus does not have the necessary liquidity to honor these requests."
Elite is in talks with the CSSF, the Financial Times reports.
Nobles Crus has €91 million in assets, although its valuations have been called into question.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…