The first transaction, for $100 million, went from a BSI account controlled by 1MDB into an Amicorp-administered mutual fund in Curaçao. But it wasn’t a usual mutual fund, the kind in which a manager pools cash from mom-and-pop investors, using it to buy stocks and bonds. Sure, this entity, Enterprise Emerging Market Fund, took cash from multiple investors. But the structure masked one major difference from a plain-vanilla mutual fund: It also comprised segregated portfolios that took cash from only one client, before “investing” in another asset.
