Meteor pulls out of Keydata bidding
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Meteor Asset Management has withdrawn its bid for Keydata’s structured products’ book and its associated administration, Money Marketing understands.
It was the front-runner to buy the investment book which originally totalled about £180m, as well as some of Keydata’s third-party admin business but talks with administrator PricewaterhouseCoopers are understood to have broken down.
In January, Meteor announced it was acquiring the structured product investment books of NDF Administration and Defined Returns Limited from administrator Grant Thornton subject to final due diligence despite facing unresolved individual complaints over its own marketing and sales of Lehman-backed structured products. The transfer completed on March 5.
PwC announced last June that Keydata would not be sold in its entirety after discovering information which suggested that £103m of client money invested in life settlement vehicles had been liquidated and may have been misappropriated.
A PwC spokeswoman says: “We can confirm we are still in discussions with a number of parties regarding the sale of certain Keydata assets but we cannot comment on individual companies as we have signed reciprocal confidentiality clauses with all interested parties.”
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