ApexYield shareholder claim
ApexYield Capital shareholders who bought, held or sold shares between March 2021 and November 2024 — while the company overstated the assets it managed — may be owed compensation. Registering commits you to nothing.
ApexYield shareholder claim
ApexYield presented itself as one of the City’s faster-growing listed asset managers, reporting assets under management rising from £7bn to a claimed £12.4bn over three years. A material part of that growth is alleged never to have existed: mandates that had been lost, or were non-binding “in-principle” allocations, were carried in reported AUM, and performance fees were recognised before they had crystallised.
Because AUM and fee income drive an asset manager’s valuation, the overstatement is said to have held the share price well above its true level throughout the class period. On 8 November 2024 the company issued a profit warning and restated AUM down to £8.6bn and FY2023 management-fee income down 28%. The shares fell from 462p to 94p — about 80% — within a week.
- Program reference
- WG-UK-2026-0217
- Respondent
- ApexYield Capital plc
- Forum
- High Court · Business and Property Courts
- Statutory basis
- s.90A & Sch 10A FSMA 2000
- Class period
- 15 Mar 2021 – 8 Nov 2024
- Registration closes
- 31 Mar 2027
- Fee basis
- Damages-based — no fee unless recovery
- Funder
- Thornbury Litigation Capital LLP
Registering commits you to nothing. No fee is payable unless the program recovers damages.
What was reported, and what was true
Both figures come from ApexYield's own disclosures and its later restatement. The claim is the difference.
Assets under management
Overstated by about £3.8bn — lost and non-binding mandates were carried in reported AUM.
Management-fee income
Overstated by about 28%; performance fees recognised before they crystallised.
Net flows
Included mandates that had been lost or were never binding.
On 8 November 2024 ApexYield restated AUM and fee income and the shares fell about 80% in a week. It has not compensated shareholders, and it has not accepted that its earlier disclosures were wrong. The firm's modelling of the price inflation across the registered book puts aggregate claimed losses at approximately £430m.
- Class period
- 15 Mar 2021 – 8 Nov 2024
- Value erased
- ~£1.3bn in a week
- AUM overstatement
- £3.8bn
- Source
- ApexYield accounts, RNS and the restatement
The market can only price what it is told. For three years it was told the wrong number.
- Statutory basis
- s.90A & Sch 10A FSMA 2000
- Mechanism
- Opt-in group claim; GLO sought
- Reliance
- Required — acquired, held or sold on the disclosures
- Fault
- A PDMR knew, was reckless, or dishonestly delayed
- Funding
- Damages-based; ATE in place
Under section 90A and Schedule 10A of FSMA 2000, a listed issuer is liable to investors who acquire, continue to hold, or dispose of its securities in reliance on published information that is untrue or misleading — where a person discharging managerial responsibility knew it was untrue or misleading, or was reckless, or dishonestly delayed disclosure.
The claim is that ApexYield’s annual and interim accounts, and a series of RNS announcements, met that test, and that the board knew the AUM figures were unsupportable before they were corrected.
It is an opt-in group claim: unlike a US class action, each shareholder registers and shows reliance. We intend to apply for a Group Litigation Order once the book is built, and to try the common issues together.
Recovery of the price inflation
The difference between the price paid and the price the shares would have traded at absent the misstatements, for shares acquired in reliance.
Interest on the loss
Interest on the sums lost over the period they were out of the market.
A measure of costs
Recovery of a proportion of costs under the funding and ATE arrangement, as the court allows.
The eligibility test, in full
This is the published class test. The questionnaire on this site applies exactly these criteria and tells you the reason for its answer.
- ApexYield directors, officers and their immediate families
- Holders only outside the class period
- Anyone who has signed a release of these claims
Held your shares through a nominee or ISA? You can still join — we will help you obtain the holding evidence from your broker.
Everything that has happened, dated
The record is published in full. Registered claimants see the same timeline in the portal, with their own claim marked on it.
The matter on the record
Everything a claimant, funder or journalist needs to check what we say against what we filed.
Case updates
Published whenever the position changes, and emailed to registered claimants the same day.
Registration extended to 31 March 2027
A limitation standstill has been agreed with ApexYield for shareholders who register before 31 March 2027.Forensic reconstruction complete
The forensic accountants have reconstructed reported versus supportable AUM across the class period. The analysis supports the pleaded loss.Group register opens
Institutional and retail shareholders can now register. Registered holders are told what holding evidence to provide.This matter, answered
The questions claimants ask most often about this matter.
I held my shares in an ISA or through a nominee. Can I still join?
Yes. Most retail holders hold through a nominee or ISA. We will help you obtain the holding evidence — contract notes or a statement — from your broker or platform.
I sold at a loss before the restatement. Am I in?
You may be. A s.90A claim can cover shares acquired in reliance and sold during the class period, not only shares held to the restatement. Register and we will assess your dealing history.
Do I have to prove I read the accounts?
Reliance is required, but it is assessed realistically — for most investors it means having invested on the basis of the company’s reported position. We take you through what is needed at registration.
What will it cost me?
Nothing unless the claim recovers. The firm acts under a damages-based agreement, the funder’s return is a multiple of its committed capital, and after-the-event insurance covers adverse costs. Every figure is set out before you sign.
Four minutes now, and nothing else until we ask
Check your eligibility, register your claim, and we will do the rest. Registration closes on 31 March 2027.