Acquisition of NDF Administration Ltd and Defined Returns Ltd
Meteor Asset Management (Meteor) has agreed to acquire the structured product 'investment books' of NDF Administration Limited (NDFA) and Defined Returns Limited (DRL), from the administrators Grant Thornton UK LLP. The transfer will take place on 5 March 2010.
Meteor will take on responsibility for administration of accounts including the processing of income payments, surrenders and maturities upon completion of the acquisition.
Meteor will administer all structured products in these companies, except for the Homemaker ISA and those structures that invested in Lehman Brothers securities.
In order to achieve a clean cut-off prior to the transfer and to allow us time to scan files post transfer there will be a short period where any surrender or requests for any other changes will be delayed. NDFA/DRL will not process any requests after 15 February. After 5 March we will hold all client data on our system, but will not have access to files to check signatures whilst they are being scanned - this may take up to 3 weeks. In the meantime, we will continue to work closely with Outsourced Professional Administration Limited (OPAL), the current Plan Manager for NDFA and DRL, and Grant Thornton UK LLP to ensure the transfer is completed as swiftly and successfully as possible.
Meteor will be writing to IFAs and NDFA will be writing to all planholders advising them of the change in the ongoing administration of their plans as soon as possible after completion of the transfer.