Regulator Suspends Redemptions From Wine Hedge Fund

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.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 
Error

From the current issue of