Irish Stock Exchange Questioned On Weavering Probe

May 19 2009 | 10:38am ET

Following the arrests of two Weavering Capital employees, including its CEO, the Irish Stock Exchange has declined to comment on whether it investigated the firm, who collapsed hedge fund was listed on the Dublin bourse.

But while authorities on the other side of the Irish Sea are busy probing the US$637.1 million Weavering Macro Fixed Income Fund, the ISE would not say whether it had investigated the fund before its collapse in March, or whether it is doing so now.

“Our policy is not to comment on any investigation that may or may not be taking place,” an ISE spokesman told the Irish Times. The Weavering fund’s ISE listing was suspended on March 11, a week before it went into voluntary liquidation.  The exchange de-listed a second, smaller Weavering fund yesterday.

Weavering Liquidator PricewaterhouseCoopers found last month that Magnus Peterson, the Weavering CEO arrested last week, had invested a substantial chunk of the fund’s assets in interest-rate swaps whose counterparty was a British Virgin Islands company controlled by Peterson. The U.K.’s Serious Fraud Office believes that Weavering used the swaps to hide losses and inflate the fund’s value.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of