Company providing ISA wrappers to unregulated bonds collapses; LCF administrator appointed

Asset manager Reyker Securities has been placed into special administration.

Reyker was mostly known as a stockbroker and Discretionary Fund Manager, but part of its business involved approving promotional literature and providing an ISA wrapper to two investments reviewed here: Blueprint Bond and Astute Capital.

Both Blueprint and Astute Capital remain in business and should in theory be largely unaffected by Reyker’s collapse, as the ISA status of investors’ funds should remain valid despite the administration.

They will however be unable to raise further money via Reyker ISAs.

Reyker Securities ran out of money after a failed attempt to sell the business, plus unspecified “legal actions being faced by the company” and the downturn in the structured product market.

Smith and Williamson have been appointed as administrators, who are also currently overseeing the collapse of London Capital & Finance, Park First and Krono Partners.

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