The firm is being investigated for defrauding a large number of company clients, including professional sports stars, resulting in large financial losses.

The City of London Police has launched a criminal investigation into the activities of UK-based firm Kingsbridge Asset Management and companies associated with it.

The firm provided financial advice to high net worth clients, including former professional sports stars, between 1992 and 2010. It is alleged that its management and staff including financial advisors conspired together to defraud a large number of company clients, resulting in large financial losses, the Police said in a statement.

According to media reports, there are a number of sports stars who are said to have lost money after investing in the firm. These include golfer Lee Westwood, Everton star Wayne Rooney, ex-Premier League players Rio Ferdinand,  Andy Cole, Robbie Savage , Martin Keown and Danny Murphy, as well as half of the England cricket team who won the 2005 Ashes.

Law firm Peters & Peters is representing a group of 45 former Premier League footballers who are among 122 high net worth investors suing Kingsbridge in a civil case, reports said. This publication has contacted the law firm for a comment.

The police is now asking anyone, who was a client of the company or associated companies between 1992 and 2010, and believes they have been defrauded, to come forward. It is also urging those who may have important information concerning the activities of Kingsbridge Asset Management to come forward.  

Last week, detectives from the City of London Police’s fraud squad arrested a 60 year old man from Blackburn, and two men aged 61 and 38 from Nottinghamshire on suspicion of conspiracy to defraud in connection with this investigation.

The three men have since been released under investigation.

“We are encouraging anyone who believes they are a victim or anyone who has information about Kingsbridge Asset Management or companies associated with it, to come forward,” said detective superintendent Perry Stokes, who is the senior investigating officer for the case. “We are aware that there may be many people, impacted by the activities of this company and it is vital that those affected come forward so their voices are heard and we are able to support them and provide the advice that they may need.”

The investigation team can be reached on 0800 056 0154. Alternatively reports can be made to Action Fraud on 0300 123 2040 or through the UK Police Major Incident Public Reporting Site.

In January, our sister publication Family Wealth Report reported that, in the US, Vanguard Sports Group, a sports and consulting agency representing Major League Baseball and NFL athletes, agreed a strategic alliance with BrightLights, a company that monitors and reviews professional athletes' finances for fraud, in a move highlighting a need to protect such individuals' business affairs.