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PSzÁF initiates liquidation, withdraws license of fund manager Fund De La Salle

Hungary's financial-market regulator PSzÁF has initiated the liquidation of fund manager Fund De La Salle, will withdraw its license as soon as the liquidation is ordered, PSzÁF said on its website.

The resolution, dated November 27, came just two weeks after PSzÁF sent a supervisory commissioner to the fund manager “to assess its financial position and assess its ability to meet obligations toward clients”. The commissioner was to report on his findings to PSzÁF within 90 days.

PSzÁF on October 22 prohibited Fund De La Salle from engaging in portfolio management activities after conducting an on-site inspection at the fund manager's offices earlier in the month.

Fund De La Salle received a license to operate as an investment fund manager in September 2007 and acquired a license for portfolio management and investment consultancy activities in April 2009. (MTI-Econews)