Francis Menassa’s JAR Capital, a wealth manager for rich individuals and families, was recently ordered by a court to wind up operations due to unpaid debts, partly resulting from problematic bets on crypto and leisure assets along with a failed bid to buy a bank, according to registry filings.
JAR’s closure is a significant setback for its founder Menassa, who ranked among the UK’s top private client advisors and started his career at Merrill Lynch before moving to Credit Suisse. Menassa, 50, didn’t respond to requests for comment. JAR Capital has exited its premises in Savile Row, and a committee was set up last month to assist with the liquidation of the wealth manager’s holding company, JAR Financial Management.The investments that helped to spark JAR Capital’s unraveling include The Wave, a roughly £25 million inland-surfing destination in southwest England that launched shortly before the start of the pandemic.
The holding company also reported costs of at least £100,000 in 2018 from a failed takeover bid for an unnamed bank in Gibraltar, where Menassa’s wealth firm had operations. In addition, the firm invested more than £2 million in a crypto trading platform called BlockEx that Menassa later struggled to offload after prices for digital currency assets tumbled.
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