FSA gives Meteor all clear over Lehmans; New products planned

Meteor Asset Management has been given the all-clear over its marketing and sales of Lehman-backed structured products, allowing it to begin launching a range of open-ended funds.

Managing director, Graham Devile, says the FSA has not raised any concerns about the way Meteor sold structured products, including its literature. The clearance means Meteor avoids following other independent structured product providers into administration. Arc Capital & Income, DRL and NDFA have all gone into administration after FSA reviews. Meteor has expressed an interest in buying parts of the latter firms. The upcoming launches include a Clean Energy fund, which will provide financing for new projects, and a pair of property vehicles. The Clean Energy portfolio will launc...