Signet braced for fallout from Weavering collapse
(Times Online): Signet, the fund manager, emerged today as a potential victim of the collapse of Weavering Capital, the hedge fund manager. Weavering Capital was placed into voluntary administration last Friday after its flagship fund, the Cayman Islands-registered Weavering Macro Fixed Income Fund, was put into liquidation. The fund, which had been valued at $506million (£350million), was forced to call in accountants PricewaterhouseCoopers after being hit by a wave of redemptions which it was unable to satisfy. A subsequent investigation by PwC revealed that the fund’s only major asset was a $637million interest rate swap with a company registered in the British Virgin Islands (BVI), controlled by Magnus Peterson, Weavering’s chief executive.
Category: Business
