Arc Capital and Income (ACI) has been sold to Merchant Capital, administrator Carter Backer Winter (CBW) has confirmed.
However, three products backed by Lehman Brothers: Fixed Income Plan 6, Stepped Kick Out Plan 5 and Bull & Bear Enhanced Investment Plan 3, will not be transferred. These plans have been ring-fenced and will be dealt with separately.
The administrators say the deal will preserve the interests of around 10,000 investors with £100m of investments.
ACI will become part of Merchant Capital's investment management arm, and several ACI staff will transfer to the new business.
Following the collapse of Lehman Brothers, which acted as a counterparty to several ACI products, the FSA reviewed the firm's product literature, and the claims liability arising from the review pushed the firm into administration.
A number of structured product providers are currently in administration due to failings related to the collapse of Lehman Brothers, but ACI is the first to be successfully sold.
CBW partner and joint administrator of ACI, John Alexander, says: "This is excellent news for the 10,000 investors because effectively their investments will be accessible virtually without interruption."
"Had CBW not been successful, investors would have suffered from additional costs that are incurred by the administrators as they deal with the administration of investments. Ultimately, an inability to find a solution may have resulted in a liquidation and resulting significant losses."
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