SHAREHOLDERS in Belgravia Financial Services Group Ltd, which was in September placed in liquidation, have appointed new directors for some of the funds.

Richard Barnes, of Barnes Daniels & Partners, and independent director Douglas Maccabe have been appointed to Belgravia Funds PCC (including the Logistics Fund and the Global Fund), Belgravia Property Funds Ltd and Belgravia European Property Funds Ltd.

Belgravia, based at offices in Pier Road and employing around 20 staff, was raided by the police in August, following probes by both the Jersey Financial Services Commission and the Joint Financial Crimes Unit.
A preliminary investigation by liquidators Deloitte found that some parts of the business were insolvent, the quality and completeness of the accounts was in question and fraud was suspected. In an update issued last week the Jersey Financial Services Commission says that further shareholder meetings will be held in the next couple of months to appoint new managers to funds previously run by the firm’s subsidiary, Belgravia Asset Management Ltd.

Last month Volaw Funds GP Ltd was appointed as general partner to the Belgravia Gold and Resources Fund and LVD Investment Advisors Ltd were appointed to provide investment advice to Volaw.

The future of another fund, Belgravia IFN Funds PCC, known as the China Fund, has not yet been finalised, but Richard Barnes has been appointed to the board ‘to assist in the resolution of certain issues’.

Pictured: Richard Barnes