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

Virtu Celebrates Another Year Without a Single Day of Losses

Feb 26 2015 | 9:05am ET

High-frequency trading firm Virtu Financial Inc. reported another year without a...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk: How To Get In Front Of The Problem

Feb 26 2015 | 9:53am ET

In considering the topic of risk in the hedge fund world, specifically, the oversight...

 

Editor's Note