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Merchant buys Keydata structured product book

Merchant Capital has taken on Keydata’s structured product book and residual third-party administration, as revealed by

The Keydata plans, which exclude those linked to Lifemark, SLS and Hometrak, were sold to Merchant Capital on April 23.

The book value is £191m and there are 14,500 investors. Merchant Capital takes on responsibility for the management of plans, including the processing of income payments, surrenders and maturities. Admin of client plans will now be undertaken by Pritchard Stockbrokers.

Merchant Capital says there may be a short period where any surrender requests and ad hoc valuation requests could see minor delays, as may maturity payments for three Keydata plans due to mature during the last week of April as it needs to verify investor details.

Merchant Capital acquired the book of Arc Capital and Income in November after it was put into administration following compliance errors on Lehman-backed product promotional material.


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