Benedicte Gravrand, Opalesque Geneva – Matrix Group, the UK financial services business, may be in deep trouble, as it is currently trying to protect itself form its creditors, according to a fresh report from Bloomberg.
Matrix Group is an independent financial services business founded in 1987 and headquartered in London, which runs funds of hedge funds, UCITS funds, cash funds, private equity, property and acts as advisor, broker and researcher among other things. It was managing around £4bn ($6.4bn) in total AuM a year ago.
Now Bloomberg.com has just reported that Matrix is planning to seek protection from its creditors "amid muted investment returns and a slump in deal making by financial firms." The firm told a court last week it intends to appoint administrators, according to the Companies Court in London. An administration procedure protects a company from its creditors by bringing in an independent entity to find a buyer for all or parts of the business or wind up the company, the report says. Matrix’ spokespersons did not supply comments.
Within the Matrix Group of Companies, a PR agency told Opalesque, it is only Matrix Group Limited and Matrix-Securities Limited that have filed a notice of intention to appoint administrators. Discussions are ongoing with a view to the viable business with the Matrix Group continuing under new ownership.
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