Brite Advisors South Africa Transfer
Summary It appears that Brite South Africa (Brite SA) has sold/transferred their client bank to a new financial adviser/services firm, named 1.618 Financial services (1.618). This is a transfer of the existing servicing agreements and is not a sale of client funds, or anything along those lines. The receivers are not privy to any contracts […]
Brite Advisors ASIC – Appointment of Interim Fund Manager
Summary The Receivers, McGrathNicol, sought, and have received, approval from the Court to appoint a Fund Manager to help manage the assets held on the Platform, whilst the Investigation continues. The main rationale for appointing a Fund manager focuses on the need to manage risks, preserve assets, and to help protect the interests of the […]
Brite Advisors USA Assets Segregation
Funds Segregation Summary Brite Advisers USA (Brite USA) have been steadfast in their belief that Brite USA client funds are segregated from the rest of the Brite assets, and are not included in the funds for which Interactive Brokers have had the margin loans they provided secured upon. However, the Receivers released an update on […]