Hedge Fund Avoids €15.3M Fee Payout To Securities Manager
Law360, London (March 28, 2019, 5:56 PM GMT) -- Hedge fund giant Napier Park doesn't owe a fellow asset manager €15.3 million ($17.18 million) for handling securities held in trust by a Deutsche Bank subsidiary, a London judge ruled Thursday.
Napier Park Europe Credit Opportunities Fund Ltd.'s decision to redeem a host of risky equity notes in February 2018 didn't trigger an automatic incentive payment to Barings (U.K.) Ltd., High Court Chancellor Geoffrey Vos said.
Barings managed certain debt and equity issued by Duchess VI CLO BV, a Dutch special purpose vehicle, and the securities were held in trust by Deutsche Trustee Company Ltd., an affiliate of the banking giant.
The dispute concerned a complex...
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