The Irish financial watchdog has ordered Dublin-domiciled hedge fund group Broadstone Fund Management to cease due to “serious regulatory issuesâ€Â.
A spokesman for the Irish Financial Services Regulatory Authority told IPE it ordered the group – which operates three hedge funds on the Irish Stock Exchange – “to cease providing investment business and investment advice†on Monday.
He declined to be more specific but said the action was not related to the “integrity of client assetsâ€Â.
The watchdog yesterday approved the acquisition of another fund group owned by Broadstone, Harvest Global Asset Management, by the management. A similar order on Harvest was then revoked.
According to a report in the Irish Times, Broadstone manages some €15m while Harvest runs €150m in pension and investment funds.
