Alternative investment fund the Novus Black Fund UK Ltd went into administration on 27 November with administrators Simon Jagger and Cameron Gunn of Evelyn appointed, the FCA has confirmed.

The regulator wrote to investors in the fund last October warning about “significant losses” not reported to them by the fund, which was an FX fund for HNW and professional investors.

That letter led to the Novus Black fund manager MCI Global Investments Advisors Limited (FRN: 948996), entering Creditors’ Voluntary Liquidation a few days later.

Gareth Howarth of Path Business Recovery Limited was appointed as liquidator for MCI.

FCA regulations require alternative investment funds to have a regulated fund manager, known as an authorised alternative investment fund manager (AIFM).

Among the roles of an AIFM is to manage assets held by the fund and to provide risk management.

On 8 August and 6 September 2024, MCI agreed to a number of restrictions after an invitation by the FCA, which meant it stop taking on any new business.

In addition it had to make sure no trades or payments were allowed on any trading accounts held by the Novus Black Fund, close any open investment positions held by Novus Black Fund, and notify investors of these restrictions.

London-based MCI applied to cancel its FCA authorisation in September. It had been directly registered with the regulator since January 2022 but was previously an appointed representative of Global Investment Strategy UK Ltd.

MCI had been founded by Gary Wayne in 2011. He had previously managed brokerage and trading houses covering derivatives, futures, foreign exchange and global equities.

• Novus Black liquidator's contact details: Simon Jagger and Cameron Gunn, Evelyn Partners LLP, 22 York Building, London WC2N 6JU. Tel 020 7702 9775

• MCI liquidator’s contact details: Gareth Howarth, Path Business Recovery, 2nd Floor, 9 Portland Street, Manchester, M1 3BE. Tel 0161 413 0999. Email: This email address is being protected from spambots. You need JavaScript enabled to view it.