Erscheinung:25.05.2020 | Topic Unauthorised business Quantum Technologies Fund Limited / www.quantumfund.ai: BaFin prohibits asset management activities
In a notice dated 14 May 2020, BaFin ordered Quantum Technologies Fund Limited, also operating as Quantum Hedge Fund Limited, Hong Kong, to cease its unauthorised asset management activities immediately.
On the website www.quantumfund.ai and via an “agency programme”, or network of agents, some of whom operate in Germany, the company offers complete “portfolios”. The company claims that their investors share in the performance of these products. A clear investment strategy is not evident. The investors themselves do not make any decisions as to which financial instruments their money is invested in.
Quantum Technologies Fund Limited is therefore conducting asset management activities within the meaning of section 1 (1a) sentence 1 no. 11 of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis. However, the company does not hold the authorisation required under section 32 (1) of the KWG. It is therefore conducting unauthorised business activities.
