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    Cardinal International closes amid regulatory investigation

    Nassau-based Cardinal International Fund Services Ltd. was due to exit the fund administration business effective December 31, 2004, in the midst of an investigation by the Securities Commission of the Bahamas.
    Cardinal unexpectedly announced its plans to close within weeks in late 2004. In announcing the decision, the firm’s Chairman, Stephen Hancock, claimed the Board of Directors “had concluded that the economic outlook for fund administration both internally and as a jurisdiction created insufficient comfort to warrant the continuation of the business”. However, the abrupt nature and timing of the closure announcement indicated there were other reasons.