Major racing sponsor Vertem ordered to cease operations in light of 'serious regulatory issues'

Vertem Asset Management, the sponsor of the Group 1 Futurity Trophy at Doncaster and the Eider Chase at Newcastle, has been ordered to immediately cease all regulated activities by the Financial Conduct Authority (FCA).

Working in conjunction with the FCA, Northumbria Police arrested a 48-year-old man who was later interviewed under caution in connection with the move, which the authority took "following serious regulatory and operational issues coming to light".

Vertem – one of three trading names for WealthTek LLP – was founded in 2010 by leading owner John Dance, whose high-profile horses include six-time Group 1 winner Laurens, as well as King George hero and Gold Cup runner-up Bravemansgame, who he co-owns.

Dance's enthusiasm for racing led to Vertem becoming the title sponsor of the Futurity in 2018. His investment in the sport now runs to a state-of-the-art private yard at Manor House Farm in Middleham, from where former Sir Michael Stoute assistant James Horton trains. 

A BHA spokesperson said the regulator was "aware of the reports and will be liaising with the appropriate authorities".

The FCA obtained an order from the High Court, which has appointed three lawyers from the firm BDO LLP as interim managers of WealthTek, pending a further court hearing.

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