Property sector woes put large IFA into liquidation

DUNEDIN Independent, an Edinburgh‑based independent financial advisor (IFA) bought by Swiss‑based asset management firm Helvetia Wealth in 2010, has been placed into liquidation.

Helvetia said yesterday that Dunedin, at the time of the £4 million acquisition the largest privately owned IFA in Scotland, had been “reluctantly” wound up.

It cited as a main reason for the “regrettable” action that Dunedin’s investment portfolio “has been severely exposed to the UK property sector and the company has experienced challenging problems during a period of decline in property values, as have many others in the sector”.

Helvetia said liabilities arising from such investments, coupled with shrinking revenues following the departure of staff last July, had left the company “in an untenable financial position”. Dunedin, which had been based in Charlotte Square, now employs about five people compared with around 30 at the time of the acquisition.

Accountancy firm KPMG has been appointed as provisional liquidator to the company.