Keydata will not be sold whole, says PwC

Failed financial services company Keydata Investment Services will have to be split up and sold, according to administrators PricewaterhouseCoopers.

PwC is in talks with interested parties to sell parts of the business, which provides account management and administrative services to banks including Credit Suisse, Morgan Stanley and HSBC.

The Financial Services Authority is in talks with the banks to continue operating Keydata's services until its assets are sold. FT advisor reports that the FSA has confirmed that the talks include discussions with the Serious Fraud Office about potentially missing assets in some of the failed company's suspended funds.