In March, the fund’s board of directors resigned following concerns that investors might not be able to access their assets.
On Monday, CIMA announced it had appointed David Walker and Simon Conway, who both work for PricewaterhouseCoopers in the Cayman Islands, as controllers of Brighton SPC.
The Cayman Island-domiciled fund is owned by Mauritius-based fund house, Belvedere Management Group.
“The controllers assumed immediate control of the affairs of the fund and have all the powers necessary, to the exclusion of any operator, to administer the affairs of the fund in the best interests of its investors and creditors,” said CIMA in a statement.
"The controllers have all the powers necessary to protect the interests of the investors and creditors"
“They are also responsible for assessing the financial position of the fund and submitting a report to the authority by the specified deadline.”
The body authorised both Walker and Conway to carry out a forensic examination on the fund on 30 April.
A letter sent to Brighton SPC shareholders in March warned that the fund was facing “liquidity problems” which had the potential to create a “hazardous situation”.
Those running the fund denied the allegations, but said the fund could not continue to operate without taking some remedial action. The directors therefore stopped accepting any new subscriptions and suspended the payment of any redemption proceeds.