Meteor, the UK structured products firm launched three years ago, has agreed to acquire the investment books of two firms that have been placed in administration, the firm said yesterday.

The acquisition of the structured product books of NDF Administration and Defined Returns, from administrators Grant Thornton, was agreed after due diligence checks were completed, Meteor said.

NDF Administration and Defined Returns were firms which sold a number of products, including those sold on behalf of Lehman Brothers. However, Meteor will not be taking on plan-holders who had invested in Lehman-backed products. The demise of Lehman Brothers in September 2008 had hit the structured products sector.

“As previously stated, Meteor will take on responsibility for administration of accounts including the processing of income payments, surrenders and maturities and has agreed to take on all plan-holders in both companies except for those who are invested in Lehman backed products,” it said.

The transfer of the books of business will take place in March.