Randall & Quilter enters new mutual-fund run-off agreement in Ireland

Randall & Quilter Investment Holdings has entered into an arrangement with the Law Society of Ireland in respect of the run-off obligations of the Solicitors Mutual Defence Fund (SMDF).

The mutual fund was established in 1987 to provide professional indemnity protection for solicitors practising in Ireland.

SMDF ceased trading in 2011 after heavy losses linked to Ireland's downturn.

AIM-quoted Randall & Quilter is a specialist run-off company that acquires and manages portfolios to their natural extinction.

At about 12:02 GMT, shares in Randall & Quilter were up 2.56% to 140p each.