The Irish financial watchdog has ordered Broadstone Fund Management, a Dublin-based hedge fund manager, to cease providing investment business and advice in what is thought to be the first example of the country's regulator acting against a hedge fund.
According to reports in the financial media, the fund management company, part of the Broadstone Capital Group which operates three hedge funds on the Irish Stock Exchange, was told by the Irish financial watchdog last week to stop trading after “serious regulatory issues” were identified.
The three funds - Avenir, Mespil and 4XiM CMP - were delisted from the Irish Stock Exchange last week, reportedly at the request of the company.
A report by Ireland's Sunday Business Post stated that documents filed at the Companies Registration Office (CRO) show that Broadstone Capital Group failed to notify changes in the composition of its board for almost two years.
The Post's report, citing a company representative, goes on to state that the breaches identified by the regulator were "technical" in nature and related to "a proposed investment that never came to pass".
Meanwhile, a spokesman for the regulator told Investment and Pensions Europe that the regulatory breach was not related to the “integrity of client assets".
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