Merryland, the Moscow-based asset manager, has had its investment management licences withdrawn by the Federal Financial Markets Service, the Russian regulator.

The firm, on several occasions, conducted deals that “it did not have a right to do”, said the regulator. Furthermore, the asset manager did not properly perform its duties related to executing an internal audit, according to the regulator.

The firm’s licences previously allowed Merryland, which was launched in July 2008, to manage investment funds, mutual funds and non-governmental pension funds.