Novus Black Fund is managed by MCI Global Investment Advisors Limited (MCI). UK regulations require this type of fund to have a regulated fund manager – known as an authorised alternative investment fund manager (AIFM). Among other things, the role of an AIFM is to manage the assets held by the fund and to provide risk management.

From the information available, the FCA believes that the fund has experienced significant losses that have not been reported to investors. On 8 August 2024 and 6 September 2024, following the FCA's invitation, MCI agreed to a number of restrictions, which meant it has to:

- Make sure no trades or payments were allowed on any trading accounts held by the Novus Black Fund.
- Close any open investment positions held by Novus Black Fund.
- Notify investors of these restrictions.