INVESTMENT manager Dawnay Day Milroy has dismissed rumours that it is in financial crisis. The offshore firm, which has offices in Guernsey and Jersey, distanced itself from the mounting speculation surrounding UK-based Dawnay Day.

The latter has put its banking division up for sale as it scrambles to raise cash after being hit by hefty losses on investments. In Guernsey, DDM director Robert Milroy (pictured) said there was no impact on its business from the situation in the UK.

‘Dawnay Day has no part in the ownership of DDM, so it’s very much business as usual for us. Since 1997, we have been wholly owned, managed and run from the Channel Islands.’

Dawnay Day has appointed Ernst & Young head of restructuring Alan Bloom to reform aspects of its complex portfolio of holdings, which includes investments in financial services and real estate.