The administrators of structured product providers NDFA and DRL say their priority is to confirm investor funds have been segregated from the firms' business accounts.
Grant Thornton is currently reviewing the firms' finances and although it believes from the limited information it has received that client money has been segregated, futher confirmation is needed. The providers went into administration today as they were unable to meet their liabilities for potential compensation claims for Lehman-backed structured plans. Around 35,000 customers will be affected, although only around 10% of these are invested in Lehman-backed products. While investigations are underway, investor cheques will not be banked. Investors will also be unable to redeem t...
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