Vertem, a major sponsor of horse racing events and leading investment firm, has been ordered to cease operations by the UK’s financial watchdog, the Financial Conduct Authority (FCA), due to ‘serious regulatory issues’. This decision has sent shockwaves throughout the horseracing community and the wider financial sector, causing many to question the stability of the industry as a whole. In this article, we will delve deeper into the allegations leveled against Vertem, their impact on the racing world, and what this means for the future of horseracing sponsorship.
Vertem Asset Management, responsible for sponsoring the Group 1 Futurity Trophy at Doncaster and the Eider Chase at Newcastle, has been instructed by the Financial Conduct Authority (FCA) to cease all regulated activities immediately. Following significant regulatory and operational issues, the FCA and Northumbria Police worked together, resulting in the arrest of a 48-year-old man who was cautioned in connection with the matter. WealthTek LLP’s trading names include Vertem and was established in 2010 by renowned owner John Dance, who sponsors the Futurity. Dance possesses a state-of-the-art private yard at Manor House Farm in Middleham, where James Horton, former assistant to Sir Michael Stoute, trains. Meanwhile, the FCA went to the High Court and arranged three managers from BDO LLP to take interim control of WealthTek until a later court hearing. The British Horseracing Authority (BHA) expressed its understanding of the situation and plans to liaise with the relevant authorities. The Front Runner, our premium email newsletter, is offered exclusively to Members’ Club Ultimate subscribers for their daily dose of news and racing tips from Chris Cook, the winner of the Racing Reporter of the Year award four times. Non-Members’ Club Ultimate subscribers can sign up to join today and receive our Ultimate Daily emails plus our complete collection of excellent website and newspaper content.
In conclusion, the news of Vertem’s ceasing operations comes as a shock to many within the racing industry. The company’s sudden collapse and the serious regulatory issues they face serve as a reminder of the importance of compliance and transparency in all aspects of the sport. It is clear that the wider racing community will be watching closely to see how this situation unfolds and what repercussions it may have. In the meantime, industry stakeholders must remain vigilant and committed to upholding high standards of integrity and accountability to maintain the trust of the public and ensure the longevity of horse racing as a whole.
