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SFO seeks meeting with Weavering fund liquidator
 
  Hedgeweb - MON, MAR 23 2009
Funds & Investment Britain's Serious Fraud Office reported on Friday it is seeking an early meeting with PricewaterhouseCoopers, liquidators of the collapsed Weavering Macro Fixed Income hedge fund.

Weavering halted outflows and net asset value calculations last week after admitting that it had found a large interest rate swap position where the counterparty was a company controlled by a related party of Weavering.

According to the HEDGEweb database Weavering Macro Fixed Income had highly consistent double-digit returns, with a maximum drawdown of only 4.87 per cent for the last five years, despite widespread market turbulence.

The swap position came to light after Weavering had trouble meeting a run of client redemption demands at the end of last year and into this year.

Weavering stopped reporting results in January.

 
 
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