Weavering accounts disclosure mystery
Accounts made no mention of offshore company that was the collapsed fund's biggest counterparty
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.