Matrix Group placed in administration

Matrix Group and Matrix Securities has been placed in administration and Begbies Traynor appointed as administrators.

Both Matrix Group and Matrix Securities were placed in administration on 6 November, with Neil Mather and Kirstie Provan of Begbies Traynore named as joint administrators.

The distribution and fund management teams of Matrix Asset Management have announced a buy-out from Matrix. The move will it see left unaffected by the administration of Matrix Securities and Matrix Group.

Matrix Asset Management head of business development Luke Reeves says: “Both the distribution and fund management teams have been profitable divisions within Matrix Asset Management for many years with a strong history of raising assets for a range of funds across our diverse client base.

“We are excited by this opportunity and our growth prospects for the future.”

Matrix Property Fund Management, which has $600m in assets under management, will be spun out as a separate group, imminently, with Rob Randall continuing as chairman.

Matrix Bermuda, manager for the Matrix funds of funds, is being acquired by Bermuda Global.

The Matrix Alternative Investment Strategies Fund and Matrix Structured Products are independent companies owned by investors and are unaffected by the administration.

The Matrix Structured Finance and Matrix Film companies are to be acquired by Second of May.

Matrix Money Management is the subject of ongoing discussions in relation to a proposed change of ownership.

Both Matrix Alternative Asset Management and Matrix Corporate Capital are in the process of winding down with a view to entering liquidation shortly.