Devon-based advice firm Philip J Milton has been given the responsibility of managing £55m on behalf of more than 1,600 investors following the recent suspension of a London-based DFM.
Discretionary fund manager (DFM) Organic Investment Management entered into administration at the end of last year and was told it must not carry out any regulated activities without the Financial Conduct Authority's permission.
Philip J Milton said the funds clients were invested in included two unregulated undertakings for collective investment in transferable securities (UCITS) funds, which are currently suspended and administered by European and Global Investment in Dublin.
Philip J Milton managing director Philip Milton said its new responsibility was "wonderful news" for the firm.
"Our existing discretionary investment clients will also benefit," he added. "This gives us improved economies of scale and new investment opportunities for further possible diversification and support to existing holdings.
"It is great too to demonstrate again that, here in North Devon, we have the gravitas to attract such confidence from elsewhere in the country to result in this appointment."
Milton continued: "This is also an incredibly positive endorsement of our services in that the decision of the funds' trustees and administrators to appoint us reflects the firm's prowess, competence and capabilities, as well as our integrity and longevity."
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