In a statement, Helvetia said that Dunedin, which manages around GBP350 million of assets, had been ‘reluctantly’ wound up.
The reason for the liquidation was attributed to exposure of Dunedin’s investment portfolio to the UK’s property sector that has seen considerable decline in property values during economic turmoil.
Helvetia cited that the liabilities arising from such investments, coupled with shrinking revenues following the departure of staff in July 2011, had left the company in an untenable financial position.
Accountancy firm KPMG has been appointed as provisional liquidator to the company and the remaining Dunedin clients have been advised to contact the Edinburgh office of the accountancy firm with any queries.
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