ThedeVere Group, the wealth management advisory firm with offices in regions including Asia, has confirmed to this publication that approximately $30 million of its clients’ money was invested in the now-frozen United Asset Management Strategic Growth Fund.

“It is understood the administrators took the decision to freeze the fund as a large number of deVere clients were selling their holdings, and deVere was unhappy with the fund's performance,” a spokesperson for the firm, George Prior, told this publication.

Established as a fund distributor, United Asset Management was controlled by deVere Group founder and chief executive officer Nigel Green. His management ended almost a year ago and Green’s ownership was officially relinquished in September 2012, said Prior.

The fund size is approximately $50 million, however it is difficult to estimate how much was invested, Prior said.

“Regarding the amount in the fund, many clients withdrew from it and some clients deal with life companies direct, making an accurate figure difficult to estimate. However, it is believed that our clients have about $30 million invested,” he said.

The deVere Group currently has in excess of $9 billion in funds under administration and management.