Weavering to Liquidate Largest Fund Amid Swap Probe
Monday, March 23, 2009 : PermalinkBloomberg – Signet Capital Management Ltd., a hedge fund investor that overseas about $2 billion, wrote down to zero an investment in Weavering Capital, the London-based hedge fund that filed for administration last week.
PricewaterhouseCoopers LLP is liquidating the $506 million Weavering Macro Fixed Income Fund after discovering the fund had $637 million in swap agreements with a company controlled by Magnus Peterson, the firm’s founder. That company “lacked the value to support the swaps,” PwC said.
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