The story is similar with its top bond fund, the Virtus Multi-Sector Short Term Bond Fund, run by Virtus-owned money manager Newfleet Asset Management.
"This would be a substantial multi-million pound fund run by a professional fund manager, with the Welsh Assembly Government and a private sector funder having equal stakes, " he said.
Aris Capital Management, the manager of Aris Multi-Strategy, which is headed by Jason Papastavrou, has been quicker than most hedge fund investors to file suits against hedge fund managers.