Meteor to transfer NDFA and DRL books next month

Meteor Asset Management will transfer the investment books of collapsed structured product providers NDF Administration (NDFA) and Defined Returns Ltd (DRL) in March.

Following completion of its due diligence, Meteor will take on responsibility for administration of accounts, including the processing of income payments, surrenders and maturities.

It has also agreed to take on all planholders in both companies except for those who are invested in Lehman-backed products.

NDFA and DRL went into administration on 14 October last year as they were unable to meet their liabilities for potential compensation claims for Lehman-backed plans. Since then, administrator Grant Thornton has been reviewing the firms' finances.

In November, Meteor was given the all-clear over its marketing and sales of Lehman-backed structured products.