Alpha Group operations unaffected by SVB collapse
Updated : 10:05
Financial service provider Alpha Group issued a statement on Monday reassuring its stakeholders that its operations and client funds remained unaffected by the collapse of Silicon Valley Bank.
The AIM-traded company said it took the safeguarding of client funds seriously.
It said it safeguards 100% of its client funds in segregated safeguarding accounts with tier one counterparties, including Barclays, Citibank, Goldman Sachs, and Lloyds Bank.
Additionally, Alpha said it does not use client cash to issue loans, and a result, 100% of client-held funds remained in cash at all times.
“We remain mindful that there could potentially be knock-on effects to our clients and therefore continue to monitor this closely,” the firm said in its statement.
“Having undergone an initial review however, we do not currently have any areas of concern, and are looking forward to sharing our full year results on the 22 March.”
At 0944 GMT, shares in Alpha Group International were down 1.59% at 1,855p.
Reporting by Josh White for Sharecast.com.