The arrest, in the Costa Blanca resort of Alicante, is the fourth in the investigation into the firm, which offered investments in film projects and other schemes to a number of HNW clients including a number of high earning Premier League footballers.
It is believed more than 130 professional footballers and others could have been victims.
As previously reported, the company ceased trading in 2010, but it is believed there may be hundreds of victims of fraud which often involved offers of a substantial reduction in tax bills in return for investment into film schemes.
A spokesman for City of London Police told Financial Planning Today: “A fourth arrest was made in connection with the case.
On Monday 30 April 2018, a 60 year old man, from Alicante Spain, was arrested on suspicion of conspiracy defraud.
“He has been released under police investigation.”
Asked whether any footballers had been interviewed as part of the fraud probe, the spokesman added: “The City of London Police cannot confirm information about who it has spoken to in connection with the investigation.”
Previously City of London Police’s Fraud Squad arrested a 60-year-old man from Blackburn and two men aged 61 and 38, from Nottinghamshire, on suspicion of conspiracy to defraud in connection with this investigation.
The three men have since been released under investigation.
City of London Police’s Detective Superintendent Perry Stokes, the senior investigating officer for the case, said: “We are encouraging anyone who believes they are a victim or anyone who has information about Kingsbridge Asset Management or companies associated with it, to come forward.
“We are aware that there may be many people impacted by the activities of this company and it is vital that those affected come forward so their voices are heard and we are able to support them and provide the advice that they may need.”
The investigation team can be reached on 0800 056 0154.
Alternatively reports can be made to Action Fraud on 0300 123 2040 or through the UK Police Major Incident Public Reporting Site.