Cru's Maguire bids to directly manage CF Arch cru range
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Maguire says the firm will present the idea to the FSA and administrator Capita due to fears that current manager Arch may not be up to the task.
This week's Money Marketing also reveals that Arch Financial Planning partner and CIO Michael Derks resigned at the end of May to pursue other opportunities.
The CF Arch cru fund range has been suspended since March 13 and the FSA has imposed restrictions on Arch FP as a fund manager.
Maguire says becoming an asset manager rather than distributor would see him step down from the board. He would remain a major shareholder.
He says: “We would need funding in order to build up our resources, such as appointing a chief investment officer and investment manager. If we took this on we could have Arch continuing to run some of the underlying funds.
We want to open up these funds and operate them on the restructured guidelines we outlined before as we feel there is a solution and we are best positioned to do this.”
Meanwhile, Maguire revealed that he is planning to move to Africa next month to focus on his new fund management
company.
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