Unlicensed Fund Manager Warning
An unlicensed fund manager operates without the regulatory authorisation required to manage investments or collect client money. The Corinth Group investigation documents a network where the sole regulatory licence was revoked, yet entities continued to collect fees from clients internationally.
Why Licensing Matters
Financial regulatory licences exist to protect investors. A licensed fund manager must: meet minimum capital requirements; maintain proper governance and compliance frameworks; submit to regular audits and inspections; segregate client funds from operating funds; and report to the regulator. An unlicensed operator faces none of these requirements, creating significant risk for anyone who entrusts money to them.
The Corinth Group's Licensing History
The only entity in the Corinth Group network that ever held a financial services licence was Corinth Fund Management Ltd (Cyprus, HE 428770), which held an AIFM licence from CySEC (AIFM48/56/2013). This licence was revoked in October 2022 [CySEC AIFM register]. After the revocation, no entity in the network held any financial regulatory licence from any authority. Yet the group's website (cgoch.com) continued to describe its entities as "registered and licensed investment funds" — a representation directly contradicted by the regulatory record.
Swiss Entities: Never Licensed
None of the six Swiss AGs in the Corinth Group network — including Corinth Investment Holdings AG (CHE-102.223.770) and Corinth Management Services AG (CHE-103.982.016) — has ever appeared on FINMA's licensed institutions list [FINMA]. These entities are registered as ordinary stock corporations (AGs) in Canton Graubunden. Swiss AG registration does not constitute financial regulatory authorisation.
UK Entities: No FCA Authorisation
No UK entity in the network — including Three Tuns Investment Holdings Ltd (14242045) — holds or has held FCA authorisation [FCA register]. The primary UK management company, Corinth Management Services Ltd (12297863), entered compulsory liquidation in January 2026 without having held FCA authorisation at any point.
How to Verify a Fund Manager
Always check: FINMA's licensed institutions list for Swiss entities; the FCA register for UK entities; CySEC's regulated entities list for Cyprus entities; and the CSSF register for Luxembourg entities. Check the specific entity name — not a parent company or associated brand. In the Corinth case, the group used the Cyprus entity's (now-revoked) licence to lend credibility to the entire network of unlicensed Swiss and UK entities.
Key Facts
- Only one entity ever held a licence — CySEC AIFM licence revoked October 2022
- No Swiss entity has ever appeared on FINMA's licensed institutions list
- No UK entity holds or has held FCA authorisation
- Website claimed 'registered and licensed investment funds' after licence revocation
- UK management company entered compulsory liquidation January 2026 without FCA authorisation
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