August 8, 2018 / 12:08 PM / 2 months ago

The Share Centre to take on clients of failed UK broker Beaufort-PwC

LONDON (Reuters) - The Share Centre Ltd (TSC) will become the principal nominated broker for the transfer of client money and assets of part of collapsed broker Beaufort, administrators PwC said on Wednesday.

PwC are also in discussion with a second nominated broker for those clients previously managed by Beaufort Asset Clearing Services’ Welsh office in Colwyn Bay, it said in a statement.

Britain’s Financial Conduct Authority placed Beaufort, a leading adviser to companies listed on London’s junior market, into insolvency in March.

The U.S. Department of Justice in March unveiled criminal charges against 10 defendants, including Beaufort, over their alleged roles in a more than $50 million stock fraud and a laundering scheme involving a late work by Pablo Picasso.

Beaufort Asset Clearing Services has client assets of 570 million pounds and client money of 50 million pounds, PwC said.

Reporting by Carolyn Cohn; editing by Maiya Keidan

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