UK financial regulator the FCA has issued twin warnings against clone firms of two well known global investment giants, Getco and Fidelity.
Those in the FX world will recall that Getco was the market-making firm which acquired rival Knight Capital Group in 2013, renaming the merged entity KCG Holdings. The merged company decided to focus on equity market making, selling its institutional FX arm Hotspot FX to BATS earlier this year for $365 million.
Apparently an investment firm calling itself Getco Europe Ltd is operating from website www.getcocapital.com. People operating from Getco Europe are apparently trying to defraud investors by claiming to represent the ‘real’ Getco, which in fact no longer exists.
In the other warning, the FCA points out that people representing a firm called Fidelity Personal Investing, giving out the email address [email protected] and UK telephone number 020 7993 5713 are claiming to be associated with regulated FCA firm FIL Investments International (also known as Fidelity Investments International).
The real Fidelity International was established in 1969 as the international arm of Boston investment management giant Fidelity Investments. Fidelity International became independent of the US organization in 1980, and is today owned mainly by management and members of the original founding family. Fidelity International manages $290 billion globally on behalf of clients in 25 countries across Asia-Pacific, Europe, the Middle East, and South America.
To see the original FCA warning regarding Getco Europe click here.
To see the original FCA warning regarding Fidelity UK click here.