Two financial advisers are in the spotlight after reports they earned more than £5m from recommending film scheme investments worth a total of £100m to some of the biggest names in British football.
The Sunday Times reports that David McKee and Kevin McMenamin of Kingsbridge Asset Management invested almost £400m of their client’s money over a four-year spell ending in 2007, with more than £100m in film partnerships.
The pair, whose clients included former England footballers Rio Ferdinand, Andrew Cole, Danny Murphy and Martin Keown, earned more than £5m in commission before HM Revenue & Customs launched a crackdown to demand repayments of historical tax rebates generated by the investments.
Property yacht berths in Florida which did not have access to the waterside, and a Spanish property scheme were some of the investments in which footballers claim they had no idea McKee and McMenamin had an interest.
The footballers also borrowed money to invest, with Coutts lending clients of the advice firm £40m to put into schemes.
The advisers deny any wrongdoing. A spokesman told the Sunday Times that “without exception” the pair’s clients were always advised of the suitability and risks of the schemes and were advised that such investments needed to be part of a balanced portfolio.