Battered City Financial suspends equity fund

According to reports, Robert Hain, chief executive of the failing hedge fund firm said it was in shareholder's best interests to suspend dealing in the City Financial Absolute Equity fund. He said it would continue to be run as usual by co-managers David Crawford and Ade Roberts and that the situation will be reviewed daily. This comes after the firm announced plans to appoint an administrator to review its options, after Hain said in a document filed on 22 February that the company "is or is likely to become unable to pay its debts". Hain and vice-chairman Andrew Williams had repo...