Matrix Group placed into administration
The Matrix Group has been placed into administration with some of its key operating entities likely to be sold or run by staff.
Matrix Group Limited and Matrix-Securities Limited were placed into administration yesterday (November 6) but various parts of the business are likely to continue operating under different guises.
The distribution and fund management team of Matrix Asset Management has announced a buyout from Matrix and will be unaffected by the administration process.
The teams will continue to be responsible for the distribution and management of the Matrix funds, including UK Oeics, Ucits funds, hedge funds, funds of funds, property enterprise investment schemes (EIS) and bespoke managed accounts.
Luke Reeves, head of business development for Matrix Asset Management, said, “Both the distribution and fund management teams have been profitable divisions within Matrix Asset Management for many years with a strong history of raising assets for a range of funds across our diverse client base.
“We are excited by this opportunity and our growth prospects for the future.”
The news comes following a string of senior departures revealed by Investment Adviser this year, including that of Angus Woolhouse, who left the firm in January, chief operating officer Paul Bramley and the company’s Asian equity team led by Rupert Foster.
Elsewhere, Matrix Property Fund Management LLP is to spin out as a separate group imminently.
The company said Matrix Alternative Investment Strategies Fund Limited and Matrix Structured Products Limited are independent companies owned by the investors and therefore unaffected by the administration of Matrix Group Limited and Matrix-Securities Limited.
Matrix Alternative Asset Management LLP is in the process of winding down its business with a view to entering into a liquidation process shortly, as is Matrix Corporate Capital.
Matrix Structured Finance LLP and the Matrix Film companies are being acquired by Second of May LLP while Matrix Money Management Limited is the subject of ongoing discussions in relation to a proposed change of ownership.