Merit flagship fund renamed as Dierickx Leys Fund III
Following the precarious situation surrounding troubled Belgian broker Merit Capital and its financial problems, the management of its flagship Merit Capital Global Investment Fund has now been full transferred to Belgian private bank Dierickx Leys. The 400 million euro fund will be renamed Dierickx Leys Fund III.
Merit Capital is subject to criminal probe, linked to H2O
Belgian police authorities have launched a criminal investigation in Antwerp-based stockbroker Merit Capital, a Belgian press report said on Thursday. The probe is linked to its transactions with H2O Asset Management.
Merit Capital’s future is up in the air after several attempts to find a buyer failed. Luxembourg’s Fuchs & Associés was forced to step back as a possible buyer last month.
Renell Bank silent on Merit Capital’s demise
Frankfurt-based Renell Bank AG, which publicly announced the acquisition of Belgium’s Merit Capital last October, remained silent on Monday on the demise of the Antwerp-based brokerage firm whose trading licence is being revoked.
Marc Renell, CEO of the German private bank, told Investment Officer that he is unable to comment. “I cannot speak about this topic. Go ask Merit in Antwerp,” he said when answering the bank’s general number listed on its website, before hanging up the phone.
Antwerp asset manager Merit loses brokerage licence
Antwerp-based asset manager Merit Capital will lose its Belgian brokerage licence, according to a judgement by Belgium’s Council of State published on 26 April. Merit Capital has been struggling for years with its governance model and profitability. Having its license revoked casts a cloud over its arrangement with Frankfurt-based Renell Bank, which announced in October it had agreed to acquire Merit subject to conditions.