Current news for this fund:
Weavering Capital - Macro Fixed Income Fund - fixed income (fraudulent?)
Count of distinct funds: 1
London fund outfit Weavering has had to shut down its flagship fund "Macro Fixed Income" after discovering that $637M out of $639M of positions were a single derivatives trade with an offshore firm controlled by founder and CEO Magnus Peterson. Details are sketchy currently, so it isn't clear if this was extreme folly or just run of the mill fraud. More details from the FT article follow below:
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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.