A DAVY Stockbrokers sponsored $900 million hedge fund, listed on the Irish stock exchange, is being investigated by the US securities and exchange commission following allegations that the value of the fund reported to investors was inflated.

A $900m (€755.62m) hedge fund listed on the Irish stock exchange is at the centre of an investigation by the US securities and exchange commission, into allegations that the value of the fund reported to investors were overstated.