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NEWS: KEYDATA IN ADMINISTRATION
Keydata Investment Services
On Monday 8th June Keydata Investment Services Limited (KIS) was placed in administration with Price Waterhouse Coopers (PwC) being appointed as administrators.
Whilst offering a number of Structured Product Plans directly, KIS also carried out the administration of Structured Product Plans for a number of other institutions including HSBC, Morgan Stanley to name just two.
PwC have been informed that all client assets are held in segregated client accounts, which we also believe to be the case. However they will not comment on this position until they have had a chance to check it for themselves. If this is the case, the client assets are ring-fenced and safe.
The most pertinent fact is that the assets of Structured Product Plans are not provided by KIS either acting as the Plan Manager or Administrator - the underlying assets, backing the Plans are provided by major investment banks, and an investor's exposure during the investment term of any Plan is to the solvency of these institutions, ie the counterparty.
The next question is the administration of those Plans that are already running and those Plans that are due to start soon. PwC understand the importance of this issue and the concern it raises, and from their latest statement as of the 12th June PwC are looking to recommence the processing as far as possible.
We will seek to provide further information as soon as any is available.
In the meantime, should you have any specific questions please do not hesitate to contact us.
http://www.pwc.co.uk/eng/issues/keydata_investment_services_limited_in_administration.html