Financial advice company Woodbrook Group has renounced its Cyprus Investment Firm authorisation, the Cyprus Securities and Exchange Commission (CySec) announced on 17 May 2022.
The regulator allowed the firm to give up its CIF authorisation in August 2021, but CySec has only just announced its decision.
This news is not surprising as Woodbrook Group has been quiet in the industry over the last few years.
According to Open Corporates, the firm has been dissolved since October 2021. It entered into a voluntary winding process between November 2021 until February 2022, when the process was completed.
Prior to its dissolution, Woodbrook Group had a failed acquisition attempt of Middle East-based Mondial, planned to set up an Irish life arm and also prepared to qualify for listing on the Nasdaq stock exchange.
According to the firm’s Linkedin page, Woodbrook Group had operations in Cyprus, Spain, Switzerland, Romania, Hungary and Russia.
Woodbrook Group also owned several firms including; Mutual Trust, Robusto Asset Management and Felicitas. According to Open Corporates, Mutual Trust was wound up, but Robusto AM is currently registered and Felicitas is still an active company.