View more on these topics

Meteor withdraws from Keydata bid

Meteor Asset Management has withdrawn its bid for Keydata’s own structured products book and its associated administration, Money Marketing understands.

Meteor was the front-runner in the bid to acquire the investment book which originally totalled approximately £180m as well as some of Keydata’s third party admin business but talks are now understood to have broken down with administrator PricewaterhouseCoopers. 

In January, Meteor announced it was acquiring the structured product investment books of NDF Administration and Defined Returns Limited from administrator Grant Thornton subject to final due diligence, despite facing unresolved individual complaints over its marketing and sales of Lehman-backed structured products. The transfer completed on March 5.  

PwC announced in June that Keydata would not be sold in its entirety after discovering information which suggested £103m of client monies invested in life settlement vehicles had been liquidated and may have been misappropriated.

A PwC spokeswoman says: “We can confirm we are still in discussions with a number of parties regarding the sale of certain Keydata assets, but we cannot comment on individual companies as we have signed reciprocal confidentiality clauses with all interested parties.”



News and expert analysis straight to your inbox

Sign up


    Leave a comment