Dresdner RCM Global Investors has been fined £90,000 by Imro for a
series of admin blunders committed mainly in 1998.
Imro says the firm failed to accurately compare its accounts of
transactions with records kept by companies they invested with.
Dresdner has had to make compensation payments of £8,408 to 122
investors. It also faces paying Imro costs of £69,000.
Imro says if a fund manager does not reconcile its records it is difficult
to tell if there are inconsistencies in its accounts.
An Imro spokeswoman says: “Imro is satisfied that Dresdner RCM has
resolved the problems which led to this action being taken.”
Dresdner RCM director of corporate communications Tessa Murray says: “This
issue only affected our institutional clients. No IFA should be concerned
about their clients' business.”