The Financial Conduct Authority has posted a warning about Astute Capital, whose bonds were reviewed here in March 2019. A search for Astute Capital on the FCA register now brings up:
This is an unauthorised firm that may be providing financial services or products in the UK without our permission. If you deal with unauthorised firms you will have less protection if things go wrong.
Astute Capital has filed interim accounts for the half-year ending September 2019.
As at September 2019 the company was pretty much breaking even with £6,000 in net liabilities.
According to director Richard Symonds, in April 2019 the company closed operations in Leeds and terminated all relationships with unregulated introducers. By this point of course the company had already raised £15 million.
Astute Capital plc, which issues bonds listed on the Irish Stock Exchange paying up to 8.9% per year, has filed its accounts for the year ending March 2019.
The accounts were filed two months late, leading to Astute's bonds being temporarily suspended from the Irish Stock Exchange.
In the year to March 2019, Astute Capital made a marginal loss (£2k) and finished with net liabilities of £82k. The directors assume the company will continue to operate on a going concern basis.
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.
Astute Capital is offering bonds paying up to 8.9% simple interest as follows:
- Access - 3.2% over a 1 year term
- Income - 7.5% per year income paid out bi-annually
- Balance - 7.64% per year interest (on a compounded basis) rolled up and paid out after 3 years
- Growth - 7.64% per year interest (on a compounded basis) rolled up and paid out after 5 years
Continue reading for a review of Astute Capital's bonds.