MCI Global Investments Advisors Limited, which manages the Novus Black alternative investment fund, has entered Creditors’ Voluntary Liquidation.

The liquidation follows a warning earlier this week from the FCA about “significant losses” at Novus which were not reported to investors.

The FCA describes MCI Global Investment Advisors Limited as a small Authorised Alternative Investment Fund Manager that provided alternative investment fund management services for funds. This includes Novus Black Fund UK Ltd, which is an unauthorised firm.

Gareth Howarth of Path Business Recovery Limited has been appointed as liquidator. The liquidator will shortly be writing to investors.

The Financial Conduct Authority wrote earlier this week to investors in the Novus Black Fund UK Ltd about "significant losses" not reported to them by the alternative fund which is an FX fund for HNW and professional investors.

London-based MCI (firm ref: 948996) applied to cancel its authorisation with the FCA in September but must still meet the regulator’s standards in dealing with its customers.

The firm has been directly registered with the regulator since January 2022 but was previously an appointed representative of Global Investment Strategy UK Ltd.

MCI was founded by Gary Wayne in 2011. He previously managed brokerage and trading houses covering derivatives, futures, foreign exchange and global equities.

The investment manager has had restrictions imposed by the FCA since 8 August, when the regulator required it to stop taking on any new business.

FCA regulations require alternative investment funds to have a regulated fund manager, known as an authorised alternative investment fund manager (AIFM).

MCI also operates broker Bespoke UK Capital Ltd. The FCA has also placed restrictions on the Bespoke broker accounts.

• Liquidator’s contact details. Name: Gareth Howarth. Website: http://pathbr.co.uk . Investor helpline: 0161 413 0999. Email: This email address is being protected from spambots. You need JavaScript enabled to view it.    
Address: 2nd Floor, 9 Portland Street, Manchester, M1 3BE.