Belvedere Management is a

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

group based in

Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label=Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It incl ...

that claims to have $16 billion of assets under administration. In March 2015, ''Offshore Alert'' described the group as a

Ponzi scheme A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are comin ...

and it is currently under investigation by regulators in South Africa,

and Guernsey. The allegations remain unproven.

Activities

Belvedere is reported to run 125 hedge funds and has interests in fund administration, life insurance, stock broking, and investment management.CWMFX’s Parent Group Linked to Massive Offshore Ponzi Scheme, Researcher Says.
Victor Golovtchenko, ''Forex Magnates'', 24 March 2015. Retrieved 25 March 2015. It operates from Mauritius, Guernsey, the Cayman Islands and South Africa and claims to have $16 billion of assets under administration.EXPOSED: Belvedere Management's massive criminal enterprise.
David Marchant, ''Offshore Alert'', 17 March 2015. Retrieved 25 March 2015. The group is managed by Irish businessman

David Cosgrove David Dawson Cosgrove (born April 1960) is an Irish businessman whose Belvedere Management group claimed to have $16 billion of assets under administration. In 2016 he was barred from serving as an officer of any company regulated by the Mauriti ...

, Mauritian accountant

Kenneth Maillard Kenneth Jean Georgy Maillard (born 1972) is a Mauritian accountant who is one of the principals of the Belvedere Management group. Career Maillard worked for the offshore department of Arthur Andersen Mauritius and other companies. He is the co- ...

, and South African fund manager

Cobus Kellermann Jacobus "Cobus" Everhardus Kellermann (born c. 1977) is a South African Chartered Financial Analyst (CFA).

Fund suspensions

In October 2014, The Mauritius Financial Services Commission placed two funds run by Belvedere as protected cell companies, Lancelot Global PCC and The Four Elements PCC, in

administration Administration may refer to: Management of organizations * Management, the act of directing people towards accomplishing a goal ** Administrative assistant, Administrative Assistant, traditionally known as a Secretary, or also known as an admini ...

meaning that they are prohibited from accepting new business. Among the companies affected by the suspension of the Four Elements fund has been

Apollo Multi-Asset Management Apollo, grc, Ἀπόλλωνος, Apóllōnos, label=genitive , ; , grc-dor, Ἀπέλλων, Apéllōn, ; grc, Ἀπείλων, Apeílōn, label=Arcadocypriot Greek, ; grc-aeo, Ἄπλουν, Áploun, la, Apollō, la, Apollinis, label= ...

in the United Kingdom who have written to their investors to advise them that they are unable to withdraw money from its Mauritius domiciled £5.81 million Four Elements Apollo fund. The administration is being managed by

PricewaterhouseCoopers PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting ...

. On 1 June 2015, the

Cayman Islands Monetary Authority The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board. The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides ...

announced that Belvedere entity Brighton SPC had been placed in Controllership following a forensic examination of the fund by accountants. The controllers now have complete authority over the fund in order to protect the interests of investors and creditors. In March 2015 the publication ''Offshore Alert'' accused the group of being a Ponzi scheme that is currently under investigation by regulators in South Africa, Mauritius and Guernsey.Funds marketed in Hong Kong linked to Belvedere fraud probe.
Benjamin Robertson, ''

South China Morning Post The ''South China Morning Post'' (''SCMP''), with its Sunday edition, the ''Sunday Morning Post'', is a Hong Kong-based English-language newspaper owned by Alibaba Group. Founded in 1903 by Tse Tsan-tai and Alfred Cunningham, it has remained ...

'', 6 April 2015. Retrieved 7 April 2015.

Components

Some of the entities in the group are:

Guernsey

*Lancelot Management Limited – A Guernsey regulated collective investment scheme manager.

Jersey

*Belvedere Management and Investment Limited

Mauritius

*Belvedere Fund Manager Limited – Fund manager to the Theseus Property Fund Limited. *Belvedere Life Limited, PCC – A life insurance company. *Belvedere Management Limited (licensed by the Mauritius Financial Services Commission) *E-portfolio Solutions Limited - Electronic trading of mutual funds and shares. *RDL Management Limited – A collective investment manager. *Teleraka Investments Limited – An investment advisor to cells of the Universal Mutual Fund, a Guernsey regulated ICC. *Theseus Property Fund Limited – A property fund which invests in Mauritius real estate.

References

{{Reflist, 2

External links

MoneyWeb articleBDlive articleiExpats articleThe economist article
Financial services companies of Mauritius Companies of Mauritius