Businesses which are part of Alti Global’s international real estate arm have gone into administration.
On July 11, Alti Re Limited and Alvarium Fund Managers (UK) Limited went into administration with David Soden and Matthew Mawhinney of Teneo Financial Advisory Limited appointed as joint administrators.
Alti Re is an alternative investment fund manager which deals in corporate advice and the manufacture and distribution of real estate transactions.
It also acts as a principal for appointed representatives including Social Housing Income Advisors Limited and Alti Strategic Advisory which have also gone into administration.
The Financial Conduct Authority said both firms have signed voluntary requirements restricting their business and ability to dispose of their assets.
Investors should be contacted by the joint administrators, but the FCA warned against scams adding the administrators will not call investors directly by phone.
A meeting is also expected to he held to explain what it will all mean for investors.
The two companies are still authorised by the FCA and therefore remain subject to the regulator’s supervisory oversight rules.
The regulator added: “A claims management company may approach you offering to help you bring a claim. You should proceed with caution if you are approached by a CMC.
“For the vast majority of clients, there is no benefit in involving a third party in a claim. If you use a CMC to assist you, the CMC is likely to seek a fee which may reduce what you get back.”
tara.o’connor@ft.com
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