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Benedicte Gravrand, Opalesque Geneva:

Opalesque reported yesterday that Matrix Group, a UK financial services business, may be in deep trouble, as it is trying to protect two of its companies from creditors - Matrix Group Limited and Matrix-Securities Limited. It indeed filed a notice of intention to appoint administrators.

The Matrix Group of companies is an independent financial services business founded in 1987 and headquartered in London. It was managing around £4bn ($6.4bn) in total AuM a year ago.

We have just received news of the latest developments at Matrix from a PR agency in London. The report confirms that Matrix’s property business will spin out, its fund of funds business, its structured finance business and its film investment business will be acquired by third parties, its money management business may also change hands, and its alternative asset management and its corporate capital businesses are in the process of winding down.

• Matrix Property Fund Management LLP (MPFM) is to spin out "imminently." It will be unaffected by the administration of Matrix Securities Ltd and Matrix Group Ltd. The company manages $600m in AuM and invests on behalf of clients in Middle East and European markets in both equity and debt for commercial, resi......................

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