Greyfriars Asset Management LLP
Greyfriars Asset Management LLP (FRN 229285) was an FCA-regulated discretionary fund manager that provided investment management services to clients, primarily through Self-Invested Personal Pensions. The firm managed a fund strategy known as Portfolio 6, which included a number of alternative and non-standard investments.
The FCA issued a Section 166 notice to Greyfriars in November 2016, imposing restrictions and requiring an independent review of its business. Concerns centred on the nature of the investments within Portfolio 6, several of which were linked to one another through shared directors, raising serious questions about whether valuations were independent and whether clients had been properly informed of the risks. Greyfriars entered administration in October 2018, with Adam Stephens and Henry Shinners of Smith & Williamson appointed as joint administrators.
The FSCS declared Greyfriars in default on 29 April 2020, having received 241 applications for compensation. The FSCS investigation found that Greyfriars had failed to carry out adequate due diligence before including non-standard investments in client pension portfolios, and its legal team completed its review following the administration.
Issues / Why You May Have a Claim
Many Greyfriars clients found that their pension savings had been placed into illiquid, high-risk investments that they were never properly informed about. Where the firm failed in its due diligence obligations, or where connected parties managed both the investments and the valuations without independent oversight, clients suffered real financial harm. Former Greyfriars SIPP clients who have not yet made a claim should take advice as a matter of priority.
