Properties Searched in UK/Cayman Hedge Fund Investigation

West Palm Beach ( – The UK Serious Fraud Office, (SFO) Friday conducted searches on two residential properties (one in Kent, the other in Surrey) assisted by the City of London Police, in connection with its investigation into an alleged fraud involving the recently collapsed hedge fund, Weavering Capital.

Two men, aged 43 and 45, were arrested and have been taken to a police station for questioning.

Hedge fund Weavering Capital launched in March 2009, acting as investment advisor to a Cayman Islands incorporated hedge fund, Weavering Macro Fixed Income Fund Limited. The Macro Fund was understood to have funds under management of around $639 million in late 2008.

The investigation is currently focused, the SFO said, on certain interest rate swap transactions between the Macro Fund and a company registered in the British Virgin Islands, Weavering Capital Fund Limited, which appears to be a related third party, which inflated the apparent Net Asset Value of the Macro Fund. More details to be released as the case proceeds.

Alex Akesson

Editor for HedgeCo.Net

HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!




About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in HedgeCo News and tagged , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Comments are closed.