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

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...

 

From the current issue of