The UK-based wealth manager has temporarily suspended payments into its DFM business.

Leicester-based Greyfriars Asset Management will not be accepting new business into its Portfolio Six service, though it did not explain why.

Portfolio Six was a service provided to independent financial advisors wishing to allocate certain types of assets. It was not promoted or marketed to the general public. The service was operational for two and a half years and all IFAs involved have been informed that no new money is being accepted, the company said.

Greyfriars revealed it is also reviewing its discretionary fund management business and will not be accepting any new money into that service until the review is complete.

The firm said: “The FCA were always aware of our decision and we are in an ongoing dialogue with them in managing this.”

WealthBriefing has contacted Greyfriars for more information on the matter and will update accordingly.