Administrators and Custodians Need To Know

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

PETER MCMASTER QC and SALLY PEEDOM, APPLEBY

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...

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