Yew Tree Investments Ltd has been wound up by order of the Supreme Court, financial services regulator the Bermuda Monetary Authority announced today.

The BMA petitioned the court to wind up Yew Tree after the firm committed several breaches of the Investment Funds Act 2006 and Investment Fund Rules 2019.

The court ordered the company to be wound up on June 5 and appointed Charles Thresh and Michael Morrison of Teneo (Bermuda) as joint provisional liquidators.

“The Authority viewed the breaches as serious due to the long period over which the breaches took place and the company’s continuing failure to remediate,” stated the BMA in an notice.

“It concluded that the company and its operators could not restore or maintain compliance with the IFA.

“The decision to wind up the company highlights the Authority’s role in safeguarding the public and investors’ interests and Bermuda’s standing as a well-regulated and reputable jurisdiction for the investment of funds.”

According to Bermuda Registrar of Companies records, Yew Tree Investments was incorporated in Bermuda in February 2006 and was registered by the BMA as an institutional fund.

The company’s listed directors include William Saunders, of Zambia, and Naveed Zamir Yasir, of Dubai.

Historical filings lodged with the Registrar of Companies indicate Yew Tree Investments previously acted as a master fund connected to London-based Hawkwood Capital, which invested in small and mid-cap companies listed on the London Stock Exchange’s AIM market.

The BMA said Yew Tree Investments has “failed to conduct business in a prudent manner”.

Yew Tree’s breaches included repeated failure to prepare audited financial statements; repeated failure to carry out net asset valuations; failure to appoint an administrator; and repeated failure to file statements particularising the fund’s compliance or non-compliance with the requirements of the IFA.

• All questions regarding Yew Tree Investments should be addressed to the joint provisional liquidators by e-mail to Nathan Bickley-May at Nathan.bickley-may@teneo.com