Lewis Securities folds

In what could be read as another indicator of the depressed state of demand for hybrid securities the directors of Lewis Securities appointed Rod Sutherland of Jirsch Sutherland as administrators. The Financial Review reported on the appointment today.

Lewis Securities was a boutique broker and minor fund manager that specialised in the distribution and promotion of high yielding corporate paper, including preference shares and many variants. The firm also offered pooled investments in funds that invested in this paper.