Discretionary fund manager Beaufort Securities was today placed into insolvency, following an urgent application by the Financial Conduct Authority (FCA) to the High Court.
The FCA said it had taken this action following an assessment of the financial positions of both Beaufort Securities and Beaufort Asset Clearing Services (BACS), which led it to believe both frms were insolvent. The High Court appointed Russell Downs, Douglas Nigel Rackham and Dan Yoram Schwarzmann of PricewaterhouseCoopers (PwC) as joint administrators of Beaufort Securities and joint special administrators of BACS. In a statement, the regulator said: "The FCA also considers it necessary for insolvency practitioners to take over the running of the firms in order to protect assets f...
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