Andrew Andronikou and Peter Kubik of UHY Hacker Young have been appointed as special administrators to London-based specialist investment company Hartmann Capital Ltd under the Special Administration Regime (SAR), after the company was found to be unable to meet its financial resource requirement as established by the Financial Conduct Authority (FCA).

Hartman, which focused on derivatives, fixed income, investment management, fund management and foreign exchange services, first identified problems at the end of last year. The company's directors made an urgent application for a Special Administration order on 3 January following the discovery of a potential shortfall in client monies and regulated capital.

Peter Kubik, UHY Hacker Young partner, said: 'We have worked closely with the FCA over the past few weeks to ensure that the company's Special Administration has as minimal impact as possible on the clients of Hartmann Capital Ltd and we continue to work alongside the FCA to ensure an orderly distribution of client assets as quickly as possible.'

Kubik said once all client assets have been returned, the administrators will then focus on realising the company's assets and carrying out a thorough investigation into how the shortfalls occurred.

This is only the sixth time the SAR has been used since being introduced in 2011 after the collapse of Lehman Brothers.