The joint special administrators of Dolfin Financial have agreed terms for certain client assets to be transferred to Britannia Global Markets.
The Smith & Williamson team in charge of the administration process, made up by Adam Stephens and Kevin Ley, said that the deal will also see a “significant number” of Dolfin’s relationship management, execution and discretionary investment management teams moving to Britannia to ensure continuity of services.
Around 280 clients directly custodied at Dolfin are set to be transferred.
Britannia is headquartered in London and is a full-service broker and dealer of securities, commodities, derivatives, FX and funds.
Stephens said: “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.”
Ley added: “Dolfin clients are being individually notified about the transfer. The joint special administrators will also be focussing further on alternative arrangements for those clients who are not transferring to Britannia.”
History
The UK wealth manager went into administration on 30 June 2021, with Stephens and Ley being appointed as joint special administrators and, at the time, it had 30 members of staff and around 500 clients.
This followed the Financial Conduct Authority’s decision to impose restrictions on Dolfin’s ability to conduct regulated activities on 12 March 2021.
