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Meteor closing in on deal

Meteor Asset Management says it is close to securing a new counterparty for four structured products originally earmarked for Lehman Brothers.

The prima plus 3, prima 9, galaxy 7 and property recovery funds, which remain open, previously invested in securities issued by various Lehman subsidiaries.

Lowes Financial Management managing director Ian Lowes says: “We have seen another provider switch from Merrill Lynch to Citigroup and Barclays midway through promo- tion. We stick with AA-rated and have done since February which means we are stuck with Citigroup and Barclays. We could end up with too much AA-rated exposure from structured products and various other bank accounts but if Barclays goes bust, it’s all over.”

Meteor and Arc Fund Management say they are waiting for clarification from PricewaterhouseCoopers over structured products financed and underwritten by Lehman.

Arc product development manager Chris Powell says: “All that we have had back is a reply email saying we are being dealt with.”

A PwC spokeswoman said the company was unable to provide a further update.

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