FSCS only Lifemark deal in town as Ford's backer walks

Laura Miller
clock

The Financial Services Compensation Scheme (FSCS) looks set to stump up $10m to allow a controlled liquidation of Lifemark after the other main contender for a rescue of the fund pulled out.

Keydata founder Stewart Ford had brokered a $150m rescue bid to put to bondholders who want to try to save the portfolio in the hope their investments will make a return at maturity. It was backed by US investment bank Seaport  and was known as the Seaport Proposal. But the bank has now backed out of providing funding after KPMG, the provisional administrator of the portfolio, revealed the bank's name in a public note to bondholders. The only other main option available to investors is a controlled liquidation supported by a temporary cash injection from the FSCS, one the biggest hold...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Event Voice: Stepping out of cash into the Credit Sweet Spot

Event Voice: Stepping out of cash into the Credit Sweet Spot

Peter Marsland, Fixed Income Investment Specialist, from Aberdeen discusses the Short Dated Enhanced Income Fund at the June Fixed Income Market Focus.

Peter Marsland, Fixed Income Investment Specialist
clock 08 July 2025 • 4 min read
Investors undergo 'buyers' strike' in June sending order values to two year low

Investors undergo 'buyers' strike' in June sending order values to two year low

Middle East conflict did not deter investors

Eve Maddock-Jones
clock 08 July 2025 • 2 min read
The big questions around re-evaluating risk for the retail investment industry

The big questions around re-evaluating risk for the retail investment industry

Discussions at Global Investment Management Summit

Katrina Lloyd
clock 08 July 2025 • 8 min read
Trustpilot