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Meteor makes move to buy Keydata investment book

Meteor is understood to be the front runner to acquire the investment book of Keydata’s own structured products and associated admin.

Original investments for these plans total about £180m. The plans were those promoted by Keydata rather than third-party plans, where the firm did the admin. The products were unaf fected by Pricewaterhouse Cooper’s concerns regarding underlying assets or historic processing of redemptions.

Meteor is also in talks with administrator PwC regarding some of Keydata’s third-party admin business. Meteor finance director Simon Bottomley says the firm will be visiting Keydata’s Reading office shortly to undertake due diligence.

In January, Meteor announ-ced it was acquiring the structured product investment books of NDF Administration and Defined Returns Limited from administrator Grant Thornton despite facing unresolved complaints over its marketing and sales of Lehman-backed structured products.

Meteor says the NDFA/DRL purchase is proceeding and it expects to finalise the transfer timetable in the next few days.

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