Trading in the Penrich Global Macro Fund, administrated out of a small Christchurch firm, has been suspended.
Trading in the Penrich Global Macro Fund, administrated out of a small Christchurch firm, has been suspended.
A global investment fund administrated by Christchurch-based Penrich Capital has been frozen after a "significant discrepancy" was found in the valuation of the fund.
The Serious Fraud Office is reviewing a complaint received in relation to the Penrich Global Macro Fund, a spokesman for the agency said in response toHerald enquiries. A complaint is also understood to have been lodged with the New Zealand Police.
A note to clients obtained by the Herald said Penrich Capital identified on March 10 a significant discrepancy in the valuation of the Penrich Global Macro Fund.
"All trading in the fund has been suspended and no redemptions can be processed at this time," the note says.
"We are working as quickly as possible to reach a conclusion and will work proactively with the appropriate authorities to identify the nature and extent of the issue. We are currently unable to give an estimation of when we will be able to provide more details and have no further information at this time."
It is unclear how many New Zealand investors may be affected. The size of the fund is also unknown at this stage.
According to its website, which is now offline, Penrich Capital is an international financial services company formed in 2004. It has offices in the United Kingdom, New Zealand and the Cayman Islands.
"Our fund services are provided to clients around the globe by Penrich Capital in Christchurch New Zealand. We have been providing financial services from New Zealand since 2004.
"We offer fund accounting services and full accounting and regulatory solutions for small financial companies. We also provide fund administration services ranging from NAV (Net Asset Value) calculations to full investor servicing and transfer agency."
The Companies Office lists Penrich's two directors as Kelly Stansfield and Kelly Tonkin, both of Christchurch. Neither could be reached for comment on the discrepancies discovered in the macro fund and whether they made the complaint to the authorities.
A note sent to Penrich clients last week
The Herald has emailed Penrich for further information.
Tonkin's Linkedin profile describes him as the investment manager at Penrich Capital UK and owner of Penrich Active Capital management.
A screen grab of one section of the firms website says the group is "highly transparent" with regards to its activities.
"In addition to the regulatory information provided because we are regulated in the UK and NZ, we publish a wide range of research and portfolio listings so that clients understand what we are doing."
A spokesman for the Financial Markets Authority said Penrich is on the FSPR, but it is not licensed.
"The particular fund in question is a wholesale offer."
