HK regulator petitions for winding up Adamas Asset Management
Hong Kong’s Securities and Futures Commission (SFC) today announces that it has petitioned the Court of First Instance to wind up Adamas Asset Management (HK) Limited.
The SFC has also obtained an order from the Court to appoint Ms Chan Pui Sze and Ms Mak Hau Yin, both of Briscoe Wong Advisory Limited, as joint and several provisional liquidators of Adamas. The liquidators will, inter alia, manage the affairs of Adamas (including its rights and powers in relation to the private funds advised or managed by Adamas) as they consider appropriate.
The matter is set to return to the Court on March 9, 2021, for a hearing as to whether it will continue the appointment of the provisional liquidators.
The regulator explains that, because Adamas’ sole director and ultimate shareholder, Paul Lincoln Heffner, passed away in January 2021, there has not been any person with proper authority attending to the firm’s affairs. Adamas has not been operational.
The SFC considers that it is in the public interest for Adamas to be wound up so that liquidators can be put in place to:
- assist in the orderly and expeditious winding up of the funds advised or managed by Adamas to facilitate the return of assets to investors,
- preserve the records of Adamas so that they will not be lost, disposed of or otherwise misused or dealt with by unauthorised persons to the prejudice or detriment of Adamas or the fund investors and
- carry out an independent investigation of the business and affairs of Adamas for the protection of the interests of the fund investors where necessary.
Adamas is licensed under the Securities and Futures Ordinance (SFO) to carry on business in Type 9 regulated activity (asset management). It was engaged in the business of advisory and management of private funds for offering to investors in Hong Kong.