Structured product provider Incapital Europe is pulling out of the European market, Money Marketing understands.
Incapital Europe’s parent company Incapital is an America-based securities and investment banking firm which provides structured investments and fixed income securities.
In July 2010, Incapital acquired UK structured products provider Blue Sky Asset Management to create a platform for distributing structured products in the UK.
Incapital Europe’s website currently appears as a holding page and details of the company’s previous and current public issues were not accessible on the site at the time of going to press. The office telephone line diverts to an out-of-office message, which directs investors in previous Incapital or Blue Sky issues to plan administrator Reyker Securities.
Incapital Europe managing director and former Blue Sky managing director and chief investment officer James Chu confirmed he has left Incapital Europe, but declined to comment on whether the company has pulled out of the European market.
Incapital and Reyker were unavailable for comment.
Money Marketing recently revealed Merchant Capital, the structured products arm of Merchant House Group, is winding down the business. In an email sent to staff on 8 January, seen by Money Marketing, the Merchant Capital board says both it and the Merchant House Group board are keen to avoid liquidation if possible, however MM understands the firm has now appointed Shipleys as liquidator.
Merchant House Group and Shipleys were unavailable for comment.
Lowes Financial Management managing director Ian Lowes says: “It is unfortunate to hear of any providers pulling out of the market because the more providers there are, the greater the competition.”