Two Men Arrested In Weavering Investigation

May 18 2009 | 10:51am ET

British authorities have made the first arrests connected with the collapse of hedge fund Weavering Capital. The Serious Fraud Office arrested two men, whose identities have not been revealed, and searched a pair of houses in London’s south suburbs.

The SFO says Weavering employed swaps which it says “inflated the apparent net asset value” of the Weavering Macro Fixed Income Hedge Fund. The fund’s liquidators discovered the interest rate swap, held by a counterparty related to Weavering, in March.

The two men, aged 43 and 45, were taken to a police station for questioning. The first arrests of hedge fund managers in Britain since the credit crisis struck are not expected to be followed by any more Weavering-related arrests in the near future.

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