View more on these topics

Investors await Ucis fund information after adviser firm wind-up

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 howardclapham@hotmail.com.

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.

Recommended

1

McKenna: Advisers need to deliver through mobile technology

The Finance and Technology Research Centre says advisers need to improve their use of the internet and online devices if they are to hold on to their clients and attract new business. Speaking at the True Potential conference in Birmingham last week, F&TRC director Ian McKenna said advisers need to have online propositions in place […]

The Technical Quiz: 14 March

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions. Answers below.

SFO launches Harlequin investigation

The Serious Fraud Office has begun an investigation into unregulated overseas property firm Harlequin Property. The SFO and Essex Police are looking into complaints relating to the Harlequin group, which marketed and built luxury off-plan property developments. Investors have been asked to complete an online questionnaire if they invested in the following resorts: Buccament Bay […]

Europe: Volatile share prices create opportunities for long-term investors

Mark Page and Laurent Millet, managers of the Artemis European Opportunities Fund, look at why, how and where fluctuations in European markets can generate opportunities for their fund. When asked what the stock market would do next, John Pierpont Morgan is reported to have replied that “it will fluctuate”. His (apocryphal) answer proved accurate. Over […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Well blow me down, I would have scarcely believed it. A discressionary fund manager launching its own UCIS fund, that has got to be rare.
    Well, I suppose intellectual property rights are an asset class we have by-passed for all these years, but with annual returns targetted at 35%, I guess someone knew more than the rest of us did. I also missed out on the great UCIS investments in overseas property, greek shipping,green energy and land banking. Honestly, I had no idea these investments were so good!
    So isn’t it a pity that some of these great investments have failed because of the unjustified actions of regulators and sceptics. But hey, investors who lost money will be repaid by the FSCS, so that’s all right then!

  2. Hickky brilliant I am following you instead of MM’s Nic Cic boy.

  3. Yes – that’s something else for me to pay for then, under this stupid system we have.. Can’t we get this ridiculous system changed..?

  4. Hickky – your spot on
    Google Linked In shows up that the MD Anton Taylor is now at a firm called Forth Capital in Geneva – so the regulatory circus goes on – the customer walks away empty handed….not sure that the FSCS deal with unregulated cases!

  5. @ hickey

    If the fund was domiciled offshore (as many UCIS are) then the FSCS won’t cover clients in the fund. So they loose all invested.

    One of the key risks of UCIS

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com