The Central Bank said yesterday an examination was ongoing of Asset Management Trust (AMT) Ltd, a Dublin-authorised investment adviser.

"The Central Bank is currently examining issues in relation to AMT Ltd, which is authorised as an authorised adviser to provide investment advice and receive and transmit orders on behalf of clients," it said in a statement.

“Asset Management Trust Ltd is not authorised to handle client monies.”

“While the work is ongoing, the Central Bank has imposed directions on the firm in the interests of protecting consumers,” it added.

AMT was founded in 1994. It has about 280 clients and €28million-€30 million under management. The Central Bank has been examining the company for three weeks.

Full disclosure
The Central Bank said: "To ensure full disclosure with regard to the provision of information under the Consumer Protection Code, we have written to all product producers that have appointed AMT Ltd as their agent/ intermediary requesting them to contact their clients directly to confirm current holdings and values.

“If any consumers of AMT Ltd have any queries concerning their investments, these consumers should contact their product providers directly and may contact the Central Bank,” it added.

Gerry McCoy, managing director of AMT, told The Irish Times : "Out of 300 clients we have had two complaints. We are resolving these queries now and working with the Central Bank to do so. They [the queries] are of an administrative nature."

“Valuations are being sent out from all product providers to our customers,” he said. “AMT are not authorised to handle client’s funds.”

News of the Central Bank examination emerged last Sunday in the Sunday Times .

"I was surprised to see a competitor of AMT, Eddie Hobbs, named in the Sunday Times . I don't know where he got his information," Mr McCoy said.

“I’ve been routinely involved in financial investigations and as an expert witness for over two decades,” Mr Hobbs responded.

“The suggestion this is a competitor matter, given the Central Bank intervention, lacks credibility.”