Posted inRegulation

MAS stops operations of fund house

The Monetary Authority of Singapore said V Wealth Capital Pte can no longer conduct its fund management business in Singapore after failing to comply with a number of rules.

The regulator said it withdrew V Wealth’s status as a registered fund management company, effective last Friday.

MAS said the firm did not notify the regulator on changes of its principal place of business and resignation of its director.

V Wealth also failed to submit an auditor’s report and its financial statements, and other information requested by the MAS.

“The CEO and directors of V Wealth have consequently failed to ensure that V Wealth complies with the laws and regulations governing its operations,” MAS said in a statement.

According to V Wealth’s website, it can act in the capacity of asset manager, fund manager and family office.

The firm manages discretionary accounts using highly liquid strategies, such as equities and foreign exchange intraday systematic trading. It also has other products including a long/short fund, shariah-compliant strategies, hedge funds and real estate funds.

Part of the Mark Allen Group.