UCIS fund ceases trading over MF Global exposure


A Channel Islands-listed fund which held "substantial" assets with failed broker MF Global UK Limited has ceased trading.

The Alecto Fund was launched in July 2009 as a listed, open ended, offshore fund vehicle, open to retail, professional and SIPP investors. In a statement posted on the Channel Islands Stock Exchange (CISX) today, Alecto blamed "a particularly challenging period in financial markets from August 2011" for the closure of MF Global, the fund's principal broker and custodian. The fund has yet to recoup assets from the broker, and while it said it is expected to recover the majority of these monies, it could not be established when they - or how much - will be received. The fund also per...

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