London-based investment firm Reyker Securities PLC entered into special administration at the behest of its directors, who resolved that the company was cash-flow insolvent after failed attempts to sell the business.
The U.K. Financial Conduct Authority confirmed the move Oct. 9 and appointed Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson LLP as joint special administrators. They will look at client money and custody assets held by the company to assess its current position.
The watchdog said it had imposed regulatory requirements on the company, including freezing all movement of client money or assets. The special administrators will write to those with investments held by Reyker once the review is complete.
Reyker Securities had been operating as a medium-sized wealth manager, custodian and broker. It also dealt with proprietary trading and market-making.
