Greyfriars Asset Management and Portfolio Six

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GREYFRIARS ASSET MANAGEMENT’S PORTFOLIO SIX

Greyfriars Asset Management LLP have now closed their investment portfolio management business, long after first being asked by the FCA (and agreed to) not put any more new money into any of its DFM Portfolios, particularly Portfolio Six on a permanent basis.

It’s bound to raise questions from people who invested with Greyfriars Asset Management, particular in Portfolio Six, so here’s a few answers.

WHAT IS IN PORTFOLIO SIX?

Portfolio 6 got special attention from the watchdogs at the FCA, possibly because it featured a lot of high-risk investments and may have been marketed to people who aren’t suitable for such risk when it comes to their SIPP pensions.

We know that in November 2016, the portfolio included some of these high-risk investments and mini-bonds, containing £40m and with 1000 investors.

The Resort Group: The focal point of a BBC Panorama documentary about #RipOffPensions. It is a high-risk and FCA-unregulated overseas property investment.

Lanner Car Park: Another high-risk and unregulated investment, this time involving car parking spaces.

The Olmsted Series: Again, high-risk and unregulated. This one is a 3-5 real estate investment in the USA.

At least 3 high-risk investments. Did you want to take risks with your pension?

Timeline of events: Greyfriars Asset Management

2003 - Greyfriars Created

14 May 2003 saw the creation of Greyfriars Asset Management Limited Liability Partnership, registered in Leicester.

2016 - FCA action

In late 2016, it was revealed that the financial services watchdogs at the FCA had asked Greyfriars to “cease accepting any new money into the Greyfriars Asset Management Portfolio Six (“Portfolio Six”) on a permanent basis”, as well as any other portfolios they may have.

Greyfriars agreed; the FCA clearly had concerns.

2016 - Portfolio Six Revealed

Due to investigative work done by Citywire, it was revealed that the portfolio had at least 3 high-risk investments inside, including two high-risk overseas property investment, and one car parking investments; generally non-standard and illquid underlying investments.

2018 - Closure of DFM

In June 2018, Greyfriars closed their DFM branch (the part of the business that creates and manages investment portfolios). Some accounts moved to Seven Investment Management and LGT Vestra.

2018 - Administration

In October 2018, Greyfriars Asset Management entered into Administration, after a sell-off of some parts of the business.

Did you know, we’ve made successful claims involving high-risk investments?

We’re no strangers to claims that involve overseas property investments, and have won £millions back for our clients.

Ready to make a claim?

Think you’ve been mis-sold your investment? Click below to take the first step to making a claim

Have a question about Greyfriars?

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What’s wrong with high-risk investments?

Nothing, providing you have enough money to risk it, and the knowledge to understand the investment risk.
The problem is when people don’t realise they are getting into risky stuff with their pension. If you don’t fit any of the descriptions below but invested in Portfolio Six, then you may have a claim to be made.

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    SOPHISTICATED INVESTOR

    Do you have a wealth of knowledge and experience in investing?

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    HIGH NET-WORTH 1

    Do you earn in excess of £100,000 per annum?

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    HIGH NET-WORTH 2

    Or do you own £250,000 worth of investable assets?

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