Regulator finds series of breaches tied to fund investing in ‘illiquid, difficult to value, private assets’
The Central Bank has fined a unit of fund manager Waystone close to €400,000 and reprimanded it for a number of breaches of regulations tied to safeguarding investors.
WFM has admitted to the “contraventions,” the Central Bank said. Waystone did not immediately comment. Google Ireland head Vanessa Hartley: ‘Number one priority is making sure that we bring AI to Ireland’The breaches relate to a fund which the unit was alternative investment fund manager and had in turn delegated management of the fund to an investment manager. That manager spent €17.7 million in loan notes that were “illiquid” and “hard to value.
A central bank investigation found WFM failed to conduct adequate due diligence and monitor delegated activity, identify and manage conflicts of interest, ensure adequate risk management systems were in place, ensure there were appropriate procedures to value the fund, disclose a description of valuation procedures, notify potential breaches of the AIFM regulations, act in the best interests of investors and to treat all investors fairly, it said.
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