London-based discretionary fund manager EGR Wealth Limited (FRN: 5375820) has this week gone into administration following voluntary restrictions agreed by the firm with the FCA in July.
Robert Goodhew and Geoff Bouchier of Kroll Advisory Limited have been appointed as joint administrators.
The DFM provided model portfolio investment services to financial advisers with investments suitable for use in SIPPs, ISAs and General Investment Portfolios.
Its investment propositions were designed for retail and institutional clients, as well as bespoke investment policy mandates.
EGR Wealth, founded in 2017, does not hold client money or custody assets.
The DFM agreed to voluntary restrictions from the FCA on 27 July, with restrictions barring accepting new clients, entering into new client relationships and undertaking certain new regulated activities for existing clients without FCA consent. This included facilitating withdrawals and transfers and carrying out other activities connected with existing client relationships.
The FCA highlighted that as EGR is insolvent, it will likely not have sufficient money to pay any compensation to customers where compensation is due. It urged clients with any complaints to contact the joint administrators.
It also urged clients to remain alert to the possibility of fraud, and if they receive an unexpected phone call from by someone claiming to be from EGR Wealth or Kroll Advisory Limited, to end the call and contact the relevant party directly.
The joint administrators will work with the Financial Services Compensation Scheme to decide next steps.