Britannia Financial Group has reportedly bought £900m of assets and cash held in client accounts from failed wealth manager Dolfin Financial.
Dolfin, which was recently placed into special administration, was required by regulators to cease its operations in March this year. Regulator restricted the company following concerns about its operations.
Britannia carried out the deal through its brokerage house Britannia Global Markets.
In addition to client assets, the deal would see approximately 20 members of staff of Dolfin’s discretionary investment management team joining Britannia.
Under the agreement, around 280 of Dolfin’s clients are expected to be transferred to the firm.
The clients are being informed individually about the transfer.
Dolfin, according to the data provided by the joint special administrators at the date of the special administration appointment, had approximately 500 clients and around 30 staff.
Adam Stephens, one of the joint special administrators, has been quoted by FT Adviser: “Since our appointment as joint special administrators we have been working to finalise the terms of a transfer of certain client agreements as quickly as possible to a new provider.
“The deal agreed with Britannia provides continuity for certain clients, as Dolfin’s relationship managers will transfer to Britannia along with the relevant clients’ accounts.”
According to Britannia, Dolfin clients transferring to the company will have access to a broader execution team with expertise across all fixed income, equity, futures and options and foreign exchange markets.
Britannia Financial Group director and board member Daniel Reiser was quoted as saying: “This is a step change in Britannia’s growth story, both in terms of expanding our assets under management and our rapidly growing financial services team.
“It is a demonstration of our ability to identify and execute opportunities to grow our already prominent presence in the London market, providing a new home to these clients and preserving the positions of the 20 strong team joining us.”