DUNEDIN Independent has been put into liquidation less than two years after being acquired for £4 million.
Swiss based Helvetia Wealth took over the Edinburgh firm, which was once Scotland's largest privately-owned independent financial advisers and managed around £350m of assets, in September 2010.
Then in July last year Helvetia restructured its UK operations with 16 Dunedin staff transferring over to Melville Independent in the Scottish capital as the parent group positioned the business towards a fee charging structure.
The remaining Dunedin employees were tasked with working on lower value clients but the firm's investment portfolios have been badly affected by falling UK property values.
As a result of the "untenable" financial position KPMG was appointed as liquidator with the loss of a small number of jobs.
The remaining Dunedin clients have been advised to contact the Edinburgh office of the accountancy firm with any queries.
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