Cru founder Jon Maguire back with new launch
Share
Cru founder Jon Maguire is returning to the investment market with a new asset-backed offering through IFAs.
Maguire has yet to reveal full details of the launch, but says it will allow IFAs to invest money directly with asset-backed investment managers and will not be using a “middleman” such as Arch.
The £363m Arch cru range was suspended in March 2009 due to liquidity concerns because of the size of redemption requests. The underlying cells lost £140m between March 13, 2009, when the range was suspended, and September 30, 2009. Individual funds lost between 20 per cent and 40 per cent over this period.
He says: “The launch will be ignoring listed market securities completely. The gloves will be off and I shall be having it out with the listed market products that do not work.
“It will bring brand new asset backed investment managers to the industry that IFAs will have direct access to, unlike the cru scenario where you had to go through another body such as Arch.”
Hargreaves Lansdown head of research Mark Dampier says: “Given what happened in the past I think the investment community will be a bit sceptical.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
View results 10 per page | 20 per page | 50 per page
Readers' comments (24)
Anonymous | 2 Jun 2010 11:18 am
What self respecting IFA will go near anything Jon Maguire has to offer ever again. Mark Dampier's comment is an understatment of the year so far.
Unsuitable or offensive? Report this comment
Anonymous | 2 Jun 2010 11:23 am
more front than Blackpool.
Unsuitable or offensive? Report this comment
Anonymous | 2 Jun 2010 11:23 am
Having worked with this individual in the past and seeing what a mess he has made of most of his past projects - it is his ego that makes him feel that he still has a place in the UK FS industry. Will IFAs really want to give this any rrecognition in today's world? Unbelievable.
Unsuitable or offensive? Report this comment
Mr Fisher | 2 Jun 2010 11:24 am
Parallel universe ?
But I am sure there will be takers.
Tulip anyone ?
Unsuitable or offensive? Report this comment
Anonymous | 2 Jun 2010 11:25 am
Shouldn't Mr Maguire stay totally out of the Investment market as if I remember correctly last time he offered something that looked too good to be true it was. Why would it be any different this time
Unsuitable or offensive? Report this comment
K smith | 2 Jun 2010 11:28 am
If anyone does anything with this guy they should be removed from the register within 30 seconds of talking to him. The guy should not be allowed to even be mentioned in the financial press..
Unsuitable or offensive? Report this comment
Your Joking | 2 Jun 2010 11:30 am
"a bit sceptical" - LOL
Unsuitable or offensive? Report this comment
william meston | 2 Jun 2010 11:32 am
Wake up FSA
Unsuitable or offensive? Report this comment
Exasperated me | 2 Jun 2010 11:34 am
Why can't the FSA declare him "not Fit and proper"?
Unsuitable or offensive? Report this comment
Neil F Liversidge | 2 Jun 2010 11:37 am
I think the buzzword for this is 'a big ask'.
Unsuitable or offensive? Report this comment