Smith & Williamson team agrees terms for transfer of certain Dolfin Financial client agreements to Britannia Global Markets

Adam Stephens and Kevin Ley, Joint Special Administrators of Dolfin Financial (UK) Ltd, have agreed terms for certain of the independent wealth management firm’s client agreements to be transferred to Britannia Global Markets Limited.

The deal agreed by the Smith & Williamson team, headed up by Adam Stephens, will also see a significant number of the Dolfin relationship management, execution and discretionary investment management teams moving to Britannia to ensure continuity of service and investment strategies for clients.

Britannia is a full-service broker and dealer of securities, commodities, derivative financial products, F/X and funds and is headquartered in the City of London. Approximately 280 clients custodied directly at Dolfin are scheduled to transfer to Britannia.

Adam Stephens and Kevin Ley were appointed Joint Special Administrators of Dolfin on 30 June 2021. As at the date of the Special Administration appointment, Dolfin employed circa 30 staff and had circa 500 clients.

The Joint Administrator’s appointment followed the Financial Conduct Authority (FCA) imposing restrictions on Dolfin’s ability to conduct regulated activities on 12 March 2021.

In early June 2021, due to a reassessment of Dolfin’s financial position in light of progress with its wind down plan, the Dolfin Board concluded that the wind down could not be undertaken outside of a formal insolvency process. Accordingly, and following professional advice, the Dolfin Board resolved to place Dolfin into Special Administration.

Adam Stephens, Joint Special Administrator of Dolfin and Partner at Smith & Williamson LLP comments: “Since our appointment as Joint Special Administrators we have been working to finalise the terms of a transfer of certain client agreements as quickly as possible to a new provider. The deal agreed with Britannia provides continuity for certain clients, as Dolfin’s relationship managers will transfer to Britannia along with the relevant clients’ accounts.”

Kevin Ley, Joint Special Administrator of Dolfin and director at Smith & Williamson LLP adds: “Dolfin clients are being individually notified about the transfer. The Joint Special Administrators will also be focussing further on alternative arrangements for those clients who are not transferring to Britannia.”

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