Caspian Securities to close

CASPIAN SECURITIES, the specialist emerging markets investment bank set up by Christopher Heath, is to cease trading.

The company, which has been beset by difficulties almost since its inception, said it was selling its "productive line businesses" and closing down its unprofitable units.

Caspian was set up in 1995 by Mr Heath, founder of Barings Securities, and Richard Greer to take advantage of investor interest in the emerging markets. But the bank has been beset by difficulties almost since its inception, and last month Mr Heath was reportedly on the brink on resigning.

Sources said the bank had been hit by the turmoil in Asian financial markets as well as by vigorous competition from other firms operating in the emerging markets sector. Most of the bank's 330 employees are expected to lose their jobs.