Wealth management firm Logic Investments has entered special administration and joint administrators have been appointed from Interpath following an order from the High Court.
In December Logic Investments, an FCA authorised and regulated firm providing execution-only dealing and custody services, was prohibited from accepting new clients, client money or assets, or moving existing client money or assets without FCA consent due to concerns over the firm’s financial position.
The firm’s directors subsequently confirmed the firm is insolvent and applied to the court to place Logic Investments into special administration.
Joint special administrators Alexander Watkins and Edward Boyle will manage client claims against the firm and return client money and custody assets funds to clients where possible.
The FCA has said it will work with the joint special administrators to seek the best outcome for clients.
