An action group has been launched by investors looking for information about a Ucis fund set up and run by an adviser firm now in liquidation.
Quintillion Asset Management, a discretionary adviser firm from Carlisle, had its permissions cancelled by the FSA last July for unpaid regulatory fees and went into liquidation a month later.
Alongside their roles at Quintillion AM, senior management of the firm also set up a Ucis fund in 2009, called the Kratos fund, to invest in intellectual property rights. It targeted annual returns of 35 per cent and is thought to have amassed up to £2.5m of assets.
Former Quintillion managing director Anton Taylor also acted as group managing director of the Kratos fund. His father David was a director at Quintillion and group finance director at Kratos, while Simon Silva-Peake acted as investment director for Quintillion and fund manager for Kratos.
Three former Quintillion clients and a former Quintillion adviser set up the action group. Other investors looking to join can contact co-founder of the group Howard Clapham at firstname.lastname@example.org.
There is no suggestion of any wrong doing but up-to-date information has proved difficult to obtain due to the firm’s liquidation.
In a joint statement to Money Marketing, Anton and David Taylor say: “Quintillion is in receivership and we have been instructed on more than one occasion that we are to do nothing nor to comment on any matter relating to the company.”
Silva-Peake did not respond to requests for comment.
As a creditor, Aviva brought a petition to wind up Quintillion last June and it went into liquidation in August.
The Official Receiver’s Office, part of The Insolvency Service, was initially handling the case, but it was transferred to its Public Interest Unit in January. Mazars was appointed as liquidator in November.
Both The Insolvency Service and Mazars say it is too early to provide any information about the fund.