The US hedge fund which has given Keydata a brief reprieve by plugging a short-term funding gap is "no white knight", warns an IFA involved in the deal.
Hedge fund CarVal has stumped up £3.5m to stave off the controlled liquidation of Keydata. This was set to begin yesterday with the first wave of lapsed policies within some Keydata investments, if funding had not been found. The US company is currently the sole group to be undergoing due diligence with Lifemark, the Luxemburg-based company Keydata founder Stewart Ford set up to provide some Keydata products to investors through advisers. It now has a six week "exclusivity period" in which it is the only company allowed to put together a longer-term funding proposal for Keydata. This ...
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