The firm, owned by Optima Worldwide Group since 2014, formally entered the Special Administration Regime (SAR) insolvency proceedings on 17 May.
Having reached an assessment that it was no longer solvent, Strand made an application to the court to formally initiate insolvency proceedings under SAR.
In its last available results filed with Companies House in February, Strand registered a loss of £204,975 for the period between 1 April 2015 to 30 June 2016.
Its assets stood at £86m, and it has tie-ups with more than 10 IFA firms.
The joint special administrators are Adam Stephens and Henry Shinners of Smith & Williamson and Virgil Levy of LA Business Recovery Limited.
The Financial Services Compensation Scheme currently covers clients with up to £50,000 invested, and it is not clear how many of Strand’s customers exceed that limit.
