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.
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