Crisis-hit MJ Hudson offloads divisions to Apex – with suspended CFO leaving the business
Asset management consultancy MJ Hudson, which has been embroiled in controversy for months after telling markets it no longer had confidence in its own accounts, has sold some of its divisions to the Bermuda-HQed financial services giant Apex.
The deal was communicated to staff at the back end of last week, with a fractious all-hands call taking place on Saturday afternoon, City PM understands.
Sky News’ Mark Kleinman has previously reported that Apex was interested in a number of MJ Hudson divisions, excluding the legal services arm.
The deal will be announced to markets on Tuesday morning, City PM understands.
The deal is likely to put around 50 per cent of jobs in the ‘central services’ function of the business – ranging from IT to HR – at risk.
MJ Hudson has been in the headlines since the turn of the year, when it abruptly suspended its chief financial officer Peter Connell and told markets it had discovered irregularities in its accounts.
Staff were told over the weekend that Connell had now left the business.
Shares remain suspended. Last month it also offloaded its UK fund management business.
Both MJ Hudson and Apex declined to comment.