Leicester wealth management firm sold out of administration

Leicester-based wealth management firm Greyfriars Asset Management has been sold out of administration to a Bristol-basec counterpart.

Smith & Williamson was appointed administrators to Greyfriars on 23 October after a troubled few months for the Leicester firm, which had agreed with the Financial Conduct Authority (FCA) not to take on any new clients. On 25 October, the administrators sold Greyfriars’ SIPP and SSAS administration business to Hartley Pensions. This followed the recent transfer of the advisory arm of Greyfriars’ business to Insight Financial Associates, which completed on 16 October.

Hartley is part of the Wilton Group, and manages more than £1bn of clients’ assets.

Adam Stephens, lead administrator, said: “We are focussed on working with the new owners of the GAM business, Hartley and Insight, to seek to ensure that clients’ interests and investments are protected. We have already been working with the FCA and the partners of GAM to ensure the smooth transition of the business divisions.”

All staff currently working in Greyfriars’ SIPP and SSAS business have transfered across to Hartley.

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