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Celina Fined for Conflict of Interest Breaches

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Stockholm (HedgeNordic) – Fund manager Celina Fondförvaltning has been issued a warning with an administrative fine of SEK 10 million by the Swedish Financial Supervisory Authority, Finansinspektionen, for major deficiencies in managing conflicts of interest. This decision does not affect Case Group’s acquisition of Celina’s fund operations.

Finansinspektionen has investigated how Celina, as part of its fund operations, managed conflicts of interest in a number of transactions linked to undertakings in Athanase Group’s constellation of firms. For example, Celina made a number of investments linked to other undertakings in the Athanase Group at the same time as two of the ultimate owners in the Athanase Group held active roles in Celina as the chair of the board of directors and manager of the relevant funds. “The investigation shows that there have been major deficiencies in Celina’s management of conflicts of interest,” announces Finansinspektionen.

“Celina has not done enough to prioritise the interests of unit holders,” says Susanna Grufman, Finansinspektionen’s Deputy Director General. “We consider this to be a serious matter. There is a risk that this could harm confidence in the fund market.” Following the completion of the investigation, Celina has been issued a warning with an administrative fine of SEK 10 million.

“Even if we do not share the conclusions in all parts, we think it is good that the authority has reached the end of its investigative work,” comments Björn Hårderup, the CEO of Celina Fonder. “We do not want to draw any hasty conclusions from the decision itself, but now we must read and reflect on it before we decide on the way forward.”

Swedish fund manager Case Group has recently completed the acquisition of Celina Fonder’s fund operations from Athanase Group. The Swedish Financial Supervisory Authority approved the sale and transfer of Celina’s remaining alternative investment funds, including hedge funds Celina Credit Opportunity and Celina Hedgefond, to Case on October 28.

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Eugeniu Guzun
Eugeniu Guzun
Eugeniu Guzun serves as a data analyst responsible for maintaining and gatekeeping the Nordic Hedge Index, and as a journalist covering the Nordic hedge fund industry for HedgeNordic. Eugeniu completed his Master’s degree at the Stockholm School of Economics in 2018. Write to Eugeniu Guzun at eugene@hedgenordic.com

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