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23 Mar 2009
The accounts of Weavering Capital's leading fund made no mention of an offshore company, controlled by the fund's founder, which turned out to be its most important counterparty.
The offshore company was registered in the British Virgin Islands, and its inability to meet its obligation to the fund led to its collapse, the Financial Times reported.
The fund itself, Weavering Macro Fixed Income Fund, was registered in the Cayman Islands.
Insolvency practitioners from PricewaterhouseCoopers have now been called in to handle the liquidation of the fund alongside Weavering Capital being placed into voluntary administration in the UK.
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