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Administrators and Custodians Need To Know

Primeo Fund v HSSL and another − where “one size did not fit all”

In the landmark judgment of Primeo Fund v HSSL and another delivered on 23 August 2017, the Court’s findings against the custodian and administrator are a wake-up call to fund professionals.

The findings of breach of contract, negligence and even gross negligence made against the custodian and administrator have shown that “one size does not fit all”, whereby standard commercial practice is now not enough to escape liability and an administrator’s or custodian’s duties and responsibilities must be adapted, when faced with a unique or unorthodox business model.

This article identifies why the Court found the custodian and the administrator to be in breach of their ongoing duties to Primeo and provides useful guidance on what these service providers need to be acutely aware of and how they need to be adapted when dealing with unorthodox structures.

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About The Hedge Fund Journal

Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.