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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


Hedge Funds Swarm Into Palm Beach

Oct 27 2016 | 2:32pm ET

As the first flakes of snow fall on New York's northern suburbs, Dan Weil of South...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...