The FCA requested Greyfriars Asset Management LLP stop adding new money into its DFM Portfolios, in particular Portfolio Six.
The FCA register states they must ‘Cease managing investments regulated activity in respect of new money, this includes: A) ‘cease accepting any new money into the Greyfriars Asset Management Portfolio Six on a permanent basis…’.
Whilst details of why this occurred are not clear, it sheds a bit more light on some of the investments in Portfolio Six, which include high-risk ventures such as Lanner Car Parks, The Olmstead Series and The Resort Group.
A Discretionary Fund Manager (DFM) has a duty to make sure they match the investments in your portfolio with your attitude to risk – i.e. if you are comfortable with a high level of risk and can afford to lose money should it not pay off – then high-risk investments could be suitable and could bring great benefits if they pay off.
But that’s a gamble and if you can’t afford to take a loss, then these types of investments are not suitable and if you’ve been given bad investment advice and ended up in high-risk investments which aren’t suitable for you – you could make a claim for compensation against that advice.
Get in touch and talk to one of Claims Handlers to find out where you stand.