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Arch Cru fund suspensions lifted

The Channel Islands Stock Exchange has this morning lifted its trading suspension on the Arch Cru sub-funds, after administrators expressed fury at the move.

The companies and directors brought in to liquidate the failed investment company were furious when trading on its sub-funds was suspended last week.

Sources said the move had derailed talks to sell off the assets of five of the funds, which were expected to raise as much as £18m to return to Arch Cru investors.

The suspensions also made it impossible to conduct sale talks on the other six, they said.

Ernst & Young issued a report and accounts for the year to March 30 2010 for the sub-funds on September 30, but qualified that it could not be confident of previous work carried out for year to March 30 2009. This triggered alarm bells at the CISX.

Capita, the funds’ authorised corporate director, had insisted that work was being done to lift the suspensions.


Pensions Corporation’s Moore joins LV= as group finance director

Philip Moore has left the Pensions Corporation to join LV= as group finance director, replacing Keith Abercromby. Moore was group finance partner and chief risk officer at the retirement fund buyout group Pensions Corporation. He was previously group chief executive of Friends Provident but he left following the collapse of Friends’ planned £8.8bn merger with […]

£414K mortgage fines

The FSA has banned three individuals and fined two of them a total of £414,683 for knowingly submitting false and misleading information to obtain mortgages for themselves and customers.  

Aegon bolsters fixed interest team

Aegon Asset Management has appointed Daniel Uhlemann as a quantitative analyst within its fixed interest team. Uhlemann joins Aegon from Royal Bank of Scotland, where he was a senior analyst within its UK corporate modelling team. Prior to this he was an analyst at Lloyds Banking Group as well as HBoS. He will report to […]

Security measures

Last week’s ONS Pension Trends report underlines the importance of having a good occupational pension or other type of private pension to ensure financial security in old age.


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