Investment portfolio managers Strand Capital have been in Special Administration for some time now, and now the administrators have put Strand’s professional indemnity insurer ‘on notice’ to pay claims.
Welcome News For Strand Investors
The news could be just what some Strand clients are hoping to hear, as more details about the collapse become apparent, including a lack of full client records, and £8.5m of funds not under Strand’s full control.
Also revealed was that client holdings for “previously unknown clients” were discovered, made up of 37.509.586 units in Menasat Gulf Group Holdings, apparently a weapons manufacturer.
What About Missing OWG Bond Payments?
Some clients are still expecting large amounts of money over the OWG bond, for which payments have been delayed because of a dispute between Strand and Optima World-Wide Group – the owner of Strand since 2014.
Quoted in Citywire on the matter, the administrators said that “the records and information provided […] indicate OWG’s liability has not been settled”.
Despite “demand being issued on OWG”, no subsequent coupon payments for July and December 2017 have been made.
Strand Capital Claims
Many people invested in Strand Capital as part of a transfer to a SIPP pension.
If your money has been lost or put at risk by a transfer to Strand, you can check to see if you can make a claim with our specialist claims handlers at Spencer Churchill Claims Advice.
We offer anybody with a SIPP a free initial claims assessment to test for signs of mis-selling, either by your financial adviser or because of negligence on any other part.
Don’t worry, there’s no obligation to make your claim with Spencer Churchill Claims Advice – just ring up for a chat on 01204 929929.