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Weavering Capital collapses over mystery trade

Times Online – Weavering Capital, one of London’s oldest hedge funds, was today in the hands of liquidators just a week after it discovered that its flagship fund’s main investment was a derivatives trade with an offshore company controlled by its founding chief executive.

PricewaterhouseCoopers, the auditor and consultancy, confirmed this morning that it had been appointed as Weavering Capital’s liquidator.

It is understood that PwC is investigating suggestions that fraudulent activity may have taken place.

It is not known whether the Financial Services Authority has been contacted. The FSA did not immediately return a call seeking comment.

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