Flint Wealth Investment Platform Forced to Close Amid Service Withdrawal

Highlights:

• Flint Wealth was forced to close due to withdrawal of custodial and registry services by Trustees Executors, following its sale to Apex Group.
• Investors urged to redeem investments by July 25th; cash proceeds to be returned after sell-down of investments.
• Co-founders Darren Howlin and Oliver Trusler expressed disappointment; the company had hinted at expansion plans prior to closure.

Overview of the Closure

Flint Wealth, the prominent investment platform, has been compelled to shutter its operations following the recent sale of Trustees Executors to Apex Group. This development resulted in the withdrawal of crucial custodial and registry services that Trustees Executors had been providing to Flint Wealth.

Official Announcement

In a letter addressed to investors, Flint Wealth conveyed the unfortunate news, citing that Trustees Executors informed them of their inability to extend registry, custodial, and related services beyond August 31st. Despite efforts to secure alternative service providers, Flint Wealth faced insurmountable challenges as other potential vendors indicated they couldn't meet the necessary transition timeline.

Impact on Clients

Effective immediately, Flint Wealth is compelled to suspend its services for New Zealand clients. The company emphasized that it's unable to effect an in-kind transfer of existing investments to other fund managers or platforms, adding to the operational discontinuity.

Redemption and Financial Disbursements

Investors have been urged to redeem their investments by July 25th, with the process expected to take two to three business days. Any remaining cash balances will be returned to associated bank accounts after Flint Wealth's custodian completes the sell-off of investments.

Company Background and Context

Flint Wealth, known for its diverse investment portfolio encompassing over 120 funds from 13 managers, had previously hinted at expansion plans, including potential ventures into the Australian market or launching a KiwiSaver offering. Co-founders Darren Howlin and Oliver Trusler, based in Australia, expressed their disappointment over the unforeseen closure, noting ongoing technology use in Taiwan despite operational setbacks.

Conclusion

Flint Wealth concluded its communication with a note of regret, expressing profound sadness over the necessity of these steps and extending well-wishes to its investors for their future endeavors.

This closure marks a significant development in the financial services sector, underscoring the challenges faced by niche investment platforms amidst changing industry dynamics and service dependencies.

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