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SFO Begins Investigation Of Cayman-Based UK Fund

by Phillip Morton, Investors Offshore.com

16 November 2009


Cayman Islands-based hedge fund Dynamic Decisions Capital Management Ltd, which operates from an address in London's Mayfair, will now be subject to an investigation by the UK's Serious Fraud Office (SFO). Investors have not received compensation following the fund’s liquidation in March 2009.

A statement from the SFO, announcing the beginning of the investigation, reads:

“Following complaints received about the investment activities of Dynamic Decisions Capital Management Ltd, the Serious Fraud Office has opened an investigation and wants to hear from anyone with information that might help with enquiries.”

“The SFO opened the criminal investigation following a formal referral of the matter by the Financial Services Authority.”

“Complaints had been received by the SFO and the Financial Services Authority about Dynamic Decisions Capital Management Ltd, in connection with a hedge fund operated in the Cayman Islands known as Dynamic Decisions Growth Premium Master Fund Ltd.”

Founder of the fund, Alberto Micalizzi, has proclaimed that he is innocent of any wrongdoings, stating that investors would be repaid their funds, reportedly in the region of GBP330m.

Announcing his “surprise” at the launch of the investigation, Micalizzi told Reuters: “There is absolutely no fraud. The Financial Services Authority has not taken any action after several months. It's unfounded.”

The SFO has called upon persons who believe they have any information that might help the SFO with its enquiries.


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