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Hedge Fund 3 Degrees Asked to Shut on Diverted Assets Claim

3 Degrees Asset Management, a hedge fund which helps manage $215 million, was asked by Singapore’s central bank to shutter its operations following allegations that founder Moe Ibrahim diverted assets.

3 Degrees is trying to overturn a decision by the Monetary Authority of Singapore and the finance minister to withdraw its exempt fund manager status effective Nov. 9 and ask it to wind down, according to a lawsuit filed with the Singapore High Court this month. A closed hearing is scheduled for Oct. 20.