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The CBI is accused of wanting to turn fund directors into micro-managers by some Irish based iNEDs. It expects them to have more hands-on oversight of managers’ investment strategies in future. And directors will also be required to determine whether the fund strategy is right for its investors.

The push for more portfolio management oversight, by the board, follows on from the CBI’s thematic review into closet indexing. 62 Irish domiciled funds are now under further formal investigation by the CBI as a result of this review.

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DMS has had a case brought against it for ‘vicarious liability’. The case centred on whether DMS could be held vicariously liable for the actions of one of its directors.  

Campbells, the Cayman based law firm, who acted for DMS, has written the following on this case:

‘In a Judgment delivered on 2 July 2019, the Grand Court dismissed the Plaintiff’s application to amend his pleading and granted summary judgment in favour of DMS, thus dismissing the action in favour of the Defendants without a substantive trial.

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In the mid part of this decade it looked like there would be much more independent oversight of partnership structures coming to the US in future. But that does not appear to have materialised. If anything, governance standards at US partnerships have regressed in the last few years.

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A NAV is not a NAV when it is mixed-up with the legal wrangling that still surrounds the Weavering Capital collapse of March 2009. More than 10 years later the fallout from this case continues. It has required the Privy Council to rule on whether a fund’s NAV can be revised.

Maples report that the Privy Council has upheld the decisions of the lower courts that redemption payments to a Swedish bank made shortly prior to the collapse of the Weavering fund were voidable preferences that must be repaid.
 

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