Fortress Prime withdrawal issues remain


09 October, AtoZForex.com, Lagos – According to the latest reports, Fortress Prime withdrawal issues remain and has not been solved yet. Back in August, AtoZForex reported the situation with Fortress Primeas the company confirmed reports of delays in some client withdrawals. These delays have extended, which has now lasted for many months, creating concerns to clients over the fate and safety of their funds. Back in August, the firm clarified that the delays were due to issues regarding the sending out of funds, rather than a lack of financial capability as it is facing some anti-money laundering issues with its banks, which it is working rigorously to resolve.

As Fortress Prime withdrawal issues remain, after the initial reports in August, some clients have actually received their funds, while many others remain pending. Back in August, Fortress Prime acknowledged that the cause of the matter is banking issues, which they are rigorously working on to solve the matter. It was therefore believed that it wont be long before clients got their funds.

Merger and Acquisition talks

Irrespective of the withdrawal hiccup, reports reaching us points that the company is considering a merger and acquisition deal in weeks to come, according to sources aware of the case. The fact is, until the pending client withdrawals are sorted, the credibility of the firm will remain in question. A reaffirmation of client confidence is necessary at this point. The company’s financial capability to actually facilitate a successful M&A remains in question.

Reports also point that being a subsidiary of the group, Fortress Capital Investments, the company is currently working on spinning out the Fortress Prime business division into its own independent unit. This is believed to allow for greater control over the finance and compliance functions of the business. And may help avoid future issues.

FCA license application

Fortress offers a range of alternative and traditional investment strategies for institutional and private investors around the world. The company was founded in 1998, seeking to provide its investors with superior risk-adjusted returns in a management structure that closely aligns the interests of investors and managers.

Fortress Prime, an arm of the Fortress group announced their plan to get the UK Banking Regulation License from FCA. The firm is a leading clearing houses, providing liquidity for vast number of financial products including but not limited to Forex, Commodities, Indices, CFDs and much more.

Think we missed something? Let us know down in the comments section.

Share Your Opinion, Write a Comment