The Bermuda Monetary Authority (BMA) published a notice confirming it petitioned the Supreme Court of Bermuda to wind up Stonebridge Capital Hedge Fund Limited under the Investment Funds Act 2006 and the Companies Act 1981. The Court ordered the fund wound up on 31 January 2025 and appointed Rachelle Frisby and Robert Cowie of Interpath (Bermuda) Limited as joint provisional liquidators. Stonebridge Capital Hedge Fund Limited was incorporated on 26 September 2018 and authorised as an Institutional Fund on 13 December 2018. It operated two segregated sub-funds, the Da Vinci Fund and the Fibonacci Fund, which sought capital growth through private equity opportunities identified by the affiliated investment manager, Stonebridge Capital Management Limited. The BMA cited breaches of the Investment Funds Act including failure to prepare audited financial statements, failure to appoint an auditor and fund administrator following resignations, and failure to submit annual compliance statements; it assessed the breaches as serious due to their duration and scope and concluded the company and its operators, Mr Martin Pitonák and Mr Peter Pitonák, could not restore or maintain compliance. The notice directs queries about the company to the joint provisional liquidators.
Bermuda Monetary Authority 2025-05-09
Bermuda Monetary Authority obtains Supreme Court winding-up order for Stonebridge Capital Hedge Fund Limited
The Bermuda Monetary Authority petitioned the Supreme Court of Bermuda to wind up Stonebridge Capital Hedge Fund Limited due to serious breaches of the Investment Funds Act 2006, including failure to prepare audited financial statements and appoint an auditor. The Court ordered the fund's liquidation on 31 January 2025, appointing Rachelle Frisby and Robert Cowie of Interpath (Bermuda) Limited as joint provisional liquidators.