Brokerage Acquires Majority of Shuttered UK Tier 1 Specialist Dolfin’s Clients

Last week, we reported that London-based Dolfin Financial, once a major asset manager for UK Tier 1 investor visa clients, had filed for and been granted special administration in a UK court after finding itself unable to carry on business in the wake of restrictions placed on the by the UK’s Financial Conduct Authority.

At the time, the estate’s special administrators indicated they were looking for a “suitable successor service provider” that could take over Dolfin’s business, in whole or in part.

CityWire today reports that the administrators have come to terms with Britannia, a full-service brokerage in London, which will take over 280 of the firm’s 500-odd clients. The number of clients transferred would imply that Britannia’s AUM will rise by at least GBP 700 million.

The report also indicated a “significant number of the Dolfin relationship management, execution, and discretionary investment teams will join Britannia.”

Adam Stephens, one of the two special administrators, commented that “the deal agreed with Britannia provides continuity for certain clients, as Dolfin’s relationship managers will transfer to Britannia along with the relevant clients’ accounts.”

Kevin Ley, the second joint administrator, said clients were now receiving individual notifications of the transfer and that work would continue to find alternative custodians for those client accounts not part of the Britannia transfer.

More From Europe

UK Tier 1 specialist Dolfin’s special administrators have found a successor service provider for more than half of the firm’s client accounts.

Jerry Morgan attributes his company’s success to superior products and a flawless track record. He also says he “couldn’t be happier” with Portugal’s upcoming golden visa changes.

“Agents around the world are promoting the D7 on a massive scale,” says Patricia Valadas Coriel. That explains dropping volume for the golden visa.

 

The post Brokerage Acquires Majority of Shuttered UK Tier 1 Specialist Dolfin’s Clients appeared first on Investment Migration Insider.