Belvedere Management group
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| Industry | Financial services |
|---|---|
| Headquarters | Mauritius |
Key people |
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| Website |
www |
Belvedere Management group is a large financial services group based in Mauritius that claims to have $16 billion of assets under administration. In March 2015, Offshore Alert accused the group of being a Ponzi scheme and it is currently under investigation by regulators in South Africa, Mauritius and Guernsey. The allegations are unproven.
Activities
Belvedere reportedly runs 125 hedge funds and has interests in fund administration, life insurance, stock broking, and investment management.[1] It operates mainly in Mauritius, Guernsey, the Cayman Islands and South Africa, and claims to have $16 billion of assets under administration.[2] The group is run by Irishman, David Cosgrove, Mauritian accountant Kenneth Maillard, and South African fund manager Cobus Kellermann.[3][4][5]
Fund suspensions
In October 2014, The Mauritius Financial Services Commission placed two funds run by Belvedere as protected cell companies, Lancelot Global PCC and The Four Elements PCC, in administration meaning that they are prohibited from accepting new business.[1] Among the companies affected by the suspension of the Four Elements fund has been Apollo Multi-Asset Management in the United Kingdom who have written to their investors to advise them that they are unable to withdraw money from its Mauritius domiciled £5.81 million Four Elements Apollo fund. The administration is being managed by PricewaterhouseCoopers.[6]
Offshore Alert allegations
In March 2015 Offshore Alert accused the group of being a giant Ponzi scheme and it is currently under investigation by regulators in South Africa, Mauritius and Guernsey.[2][7]
Group entities
Some of the entities in the group are:
Guernsey
- Lancelot Management Limited – A Guernsey regulated collective investment scheme manager.
Jersey
- Belvedere Management and Investment Limited
Mauritius
- Belvedere Fund Manager Limited – Fund manager to the Theseus Property Fund Limited.
- Belvedere Life Limited, PCC – A life insurance company.
- Belvedere Management Limited (licensed by the Mauritius Financial Services Commission)
- E-portfolio Solutions Limited - Electronic trading of mutual funds and shares.
- Generation Life Limited - A life insurance company.
- RDL Management Limited – A collective investment manager.
- Teleraka Investments Limited – An investment advisor to cells of the Universal Mutual Fund, a Guernsey regulated ICC.
- Theseus Property Fund Limited – A property fund which invests in Mauritius real estate.
See also
References
- ↑ 1.0 1.1 CWMFX’s Parent Group Linked to Massive Offshore Ponzi Scheme, Researcher Says. Victor Golovtchenko, Forex Magnates, 24 March 2015. Retrieved 25 March 2015.
- ↑ 2.0 2.1 EXPOSED: Belvedere Management's massive criminal enterprise. David Marchant, Offshore Alert, 17 March 2015. Retrieved 25 March 2015.
- ↑ deVere reveals it provided evidence regarding Belvedere. Nicole Cassandra Naidoo, cnbcafrica.com, 25 March 2015. Retrieved 25 March 2015.
- ↑ Deaths expose troubled business at Basileus Capital. Lionel Faull & Sam Sole, Mail & Guardian, 17 August 2012. Retrieved 25 March 2015.
- ↑ THAI LINKS TO 'ONE OF THE BIGGEST CRIMINAL FINANCIAL ENTERPRISES IN MODERN HISTORY'. Andrew Drummond, 18 March 2015. Retrieved 5 April 2015.
- ↑ UK fund house caught up in Mauritian 'Ponzi scheme' probe. Laura Miller, Professional Adviser, 31 March 2015. Retrieved 7 April 2015.
- ↑ Funds marketed in Hong Kong linked to Belvedere fraud probe. Benjamin Robertson, South China Morning Post, 6 April 2015. Retrieved 7 April 2015.