The Serious Fraud Office has launched an investigation into Investment Solutions, an Auckland-based investment adviser, amid suspicions funds weren't used as instructed.

The company is suspected of soliciting up to $4 million from some 80 investors, chief executive Adam Feeley said in a statement. A financial analysis is underway and the SFO is working with the Companies Office, which is managing the recovery of assets from Investment Solutions.

The white-collar crime investigator has launched a Part 2 investigation into Investment Solutions, which grants it greater powers to operate where Feeley has reasonable grounds to suspect an offence involving serious or complex fraud has been committed.

"We encourage any past or current clients of Investment Solutions that may have information that would be relevant to our investigation to contact the office," Feeley said.

Earlier this week, Feeley got a ticking off from State Services Commissioner Iain Rennie for acquiring a bottle of bubbly from Bridgecorp and handing out Allan Hubbard's biography at a staff Christmas party while the Timaru businessman was under investigation.