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February 13, 2012updated 04 Apr 2017 3:43pm

Dunedin Independent put into liquidation

Less than two years after being acquired by Swiss asset management firm Helvetia Wealth, Scottish independent financial advisers Dunedin Independent has been put into liquidation.

By Verdict Staff

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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