Probe into AMT clients’ funds
AMT is one of the country’s largest independent investment firms, advising in the region of 280 clients with assets valued at between €28m and €30m under management.
A spokesperson for the Central Bank said an investigation was ongoing and in the interests of protecting clients it was writing to the overall providers of financial products sold by AMT to check the value of AMT’s client funds.
“The Central Bank has imposed directions on the firm in the interests of protecting consumers which is a significant priority for the Central Bank. To ensure full disclosure with regard to the provision of information under the Consumer Protection Code, we have written to all product producers that have appointed Asset Management Trust Ltd as their agent/intermediary requesting them to contact their clients directly to confirm current holdings and values,” the spokesperson said.
According to AMT’s website it had links with some of the world’s biggest investment funds, such as Invesco, JP Morgan, Templeton Management and HSBC.
In an article at the weekend in The Sunday Times, financial adviser Eddie Hobbs said he was acting on behalf of a number of clients who had invested with AMT and whose investments were now worth a fraction of their valuation.
Despite emails and phonecalls the managing director of AMT Gerry McCoy could not be reached for comment.
A spokesperson for the Central Bank said that they were examining AMT.
“The Central Bank is currently examining issues in relation to Asset Management Trust Ltd, which is authorised as an authorised adviser to provide investment advice and receive and transmit orders on behalf of clients. Asset Management Trust Ltd is not authorised to handle client monies,” the spokesperson said.
The Central Bank said consumers should contact the Central Bank or the provider of their investments directly if they have any concerns.
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