An asset management company, whose parent company is under siege from creditors, has ended up with just one director after another two resigned.
The resignations from Ariadne Capital Malta, one of the subsidiaries of Julie Meyer’s Ariadne Capital Group, leave the company in a situation that could be in breach of regulatory rules.
According to MFSA documents, Ms Meyer, once described as one of Europe’s 30 most influential women, is the company’s sole director, since a board member stepped down on September 6 and the chairman followed suit on November 2.
According to MFSA investment services rules, the board of an investment company shall be composed of at least three members, one of whom must be resident in Malta.
Efforts to find out what action, if any, the MFSA have taken proved futile.
Ariadne Capital Malta has a Category 2 licence. Category 2 licence holders are authorised to provide any investment service and to hold or control clients’ money or customers’ assets but cannot operate a multilateral trading facility or deal for their own account or underwrite or place instruments on a firm commitment basis.
The company ‘inherited’ the licence, which was originally issued to Vector Commodities in 2010. In fact, the MFSA identification code is given as ‘VECT’.
When that company’s operations started to dwindle, its investors decided to change its remit to asset management and opened Portcullis Asset Management, which reported a loss before tax of €235,283 for the year ended 2016, with its shareholders’ funds amounting to €226,663.
At the time, Portcullis had not yet taken any clients on board, although its audited accounts showed that two clients were in the process of signing on.
Ariadne Capital Group bought Portcullis on December 2016, reportedly for about €30,000.
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