Following reports that administrators are about to be called in at companies belonging to the UK-based Dawnay Day group, Channel Islands-based alternative investment manager Dawnay Day Mil
Following reports that administrators are about to be called in at companies belonging to the UK-based Dawnay Day group, Channel Islands-based alternative investment manager Dawnay Day Milroy has underlined its independence from the UK group and the soundness of its business.
Headed by investment managers Robert Milroy and Paul Meader and with offices in Guernsey and Jersey, Dawnay Day Milroy sees no impact on its business from the situation in the UK, where the Dawnay Day businesses include hedge fund management and distribution, private equity and property funds.
On Friday Dawnay Day, which is owned by Guy Naggar and Peter Klimt, sold off its 20 per cent stake in F&C Asset Management, a move reportedly forced on the group by a margin call. Ernst & Young is expected to be appointed as administrators to some group companies early this week.
Milroy and Meader say their firm boasts an enviable track record extending over 10 years, delivering excellent and consistent investment returns to its global client base and receiving independent accreditation for its process and performance.
‘It is very much business as usual for us as Dawnay Day has no part in the ownership of DDM,’ Milroy says. ‘Since 1997 we have been wholly owned, managed and run from the Channel Islands and, in 2002, we only entered into a licensing agreement to use the Dawnay Day name. We have always been an independent, stand-alone entity and don’t rely upon the Dawnay Day group in the UK for any support or infrastructure. ‘
Says Meader: ‘Our client assets and the funds we manage are totally separate and unaffected as they are all held with independent banks and custodians. With our proven track record and expertise in the field of absolute return investment management, we are confident that we will continue to provide our clients with the high quality investment management services that they have come to expect.
‘We’re focused on further growth and success and are excited about the imminent opening of our Geneva operation.’