Swiss prosecutors are probing Ruvercap Investment's executives as well as a former overseer at Graubuender Kantonalbank.
Authorities are renewing inquiries in a two-year-old probe into Ruvercap Investment, a Zurich-based private debt boutique: Zug's prosecutor told finews.com it has opened a criminal probe into five people over the alleged disappearance of several hundred million in pension fund assets.
The five are Ruvercap co-founders M. C. and J. T.; a managing partner; Thomas Huber, a former supervisor at Graubuenden's cantonal bank, and Christoph Binggisser, a fiduciary. Huber and Binggisser are on the board of Batagon, a Zug-based vehicle that worked with Ruvercap.
Prominent Investors
The prosecutor didn't disclose the specifics of the investigation, the existence of which was first reported by Swiss finance blog «Inside Paradeplatz» (in German) on Monday. Prominent investors and firms including Geneva's Edmond de Rothschild, local government-backed lenders, family offices, and pension funds claim they lost money on Ruvercap investments.
Enticed by the prospect of two to three percent return in a negative interest rate environment, investors poured as much as 700 million Swiss francs ($720 million) into funds managed by the boutique. The funds were frozen last year and Ruvercap replaced. A new manager is attempting to track back how much the portfolios are now worth.
