Fund platform Flint Wealth is to shut down with clients facing a July 25 deadline to redeem holdings.
The sudden closure of the platform follows the recently announced sale of the Trustees Executors (TE) fund accounting and custody business to Apex Group.
In an email sent to clients today, Flint says it had been notified by TE that it would “no longer be able to support the services it currently provides, this includes custodial and registry services, beyond August 31, 2024”.
“Flint Wealth has contacted several providers of similar custody and registry services. Unfortunately, all have advised that the critical services cannot be implemented within the required timeframe,” the client message says.
“Without the registry and custodial services provided by Trustees Executors, Flint Wealth is therefore forced to suspend its offering to New Zealand clients.”
Flint investors must redeem any funds held on the platform by close of business on July 25 (next week) with a two- to three-day window required to process transactions and withdraw cash by the same date.
“Trustees Executors has also advised it is not able to in-specie transfer existing Flint Wealth investments to fund managers directly, or to another platform,” the email says.
If clients miss the deadline, Flint will cash-out funds and pay to appropriate bank accounts.
In April this year two of the original three Flint shareholders – TE and Harbour Asset Management – exited the company leaving the Australian ResearchIP as the sole owner.
ResearchIP embarked on new fund-raising and a plan to reinvent the platform as a ‘white-label’ option but it appears time has run out.
“While Flint Wealth is frustrated and saddened to advise this situation, it is beyond Flint Wealth’s control,” the client note says.
Flint formed in 2019 under holding company, Formosa Wealth, launching the fund platform the following year as an alternative to InvestNow (now part of Apex) among others.
