FTAdviser.com

Keydata MD Stewart Ford resigns from VCTs' boards

Story by: Rob Langston
Magazine: InvestmentAdviser
Published Tuesday , June 23, 2009

Keydata Investment Services managing director Stewart Ford has resigned from the boards of four Keydata VCTs after the fund administrator was placed into administration by the Financial Services Authority (FSA).

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Ford has stepped down as non-executive director of the Keydata-branded Aim VCT and Aim VCT 2 and Income VCTs 1 and 2.

Administrator PricewaterhouseCoopers (PwC) has made clear that, as separate legal entities, the trusts are unaffected by the administration of Keydata Investment Services.

The management of the four funds is in the hands of two different investment houses, Hargreave Hale and, until recently, Green Power.

Hargreave Hale manages the Keydata Aim VCTs, while Foresight Group took over the investment management of the Keydata Income VCTs earlier this month (June).

The boards of both Keydata Income VCTs appointed Foresight following the placing in administration of Keydata Investment Services by the FSA. The board is considering a merger of the two funds under a scheme of arrangement.

Administrators are understood to be close to a deal with potential acquirers for Keydata Investment Services, which is one of the bigger players in the structured products market.