More companies in which the troubled Dawnay Day group holds stakes have distanced themselves from the UK financial services and property empire that has suffered a round of heavy losses.

Dawnay Day Sirius and Dawnay Day Carpathian, London-listed property funds, said they would change their names; Carpathian has also ended its contract with Dawnay Day to manage the former's assets.

Dawnay Day is owned and controlled by Guy Naggar and Peter Klimt. It has appointed Ernst & Young to conduct a strategic review of its businesses, such as hotels, retail chains, a brokerage and other operations.

Losses on Dawnay Day's portfolios have forced the group to sell two of its investments and put a third up for sale.

Dawnay Day Quantum has stressed that in the wake of the financial problems of Dawnay Day Group – one of the shareholders in the joint venture, it is in very sound financial health.

WealthBriefing understands that the management of DDQ, a structured products provider specialising in commodities, said that the company is a stand-alone financial services company with its own board of directors and has a healthy balance sheet and bank accounts.

Furthermore, the company has reminded its clients that it is independently regulated by the Financial Services Authority and has re-assured them that it can comfortably meet its capital adequacy requirements. The company is self-financing and has been for some time, it said.