A UK fund house has been forced to freeze redemptions on one of its funds, after becoming caught up in an investigation by the Mauritian regulator into an alleged Ponzi scheme.
In a letter seen by Professional Adviser, Apollo Multi-Asset Management has written to investors stating its Mauritius domiciled £5.81m Four Elements Apollo fund has been suspended - meaning investors cannot move money in or out. Apollo said the freezing of redemptions is solely due to restrictions placed on the fund's umbrella cell company, Four Elements PCC, by the Mauritius Financial Services Commission (MFSC), which has revoked its licence to operate. The Four Elements Apollo fund is an individual cell of Four Elements PCC, a Mauritian based protected cell company structure that i...
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