View more on these topics

Connaught Series 2 investors to receive 44% of capital back this week

Connaught Asset Management (Guernsey) says investors in the £18m Connaught Income Fund Series 2 will receive 44 per cent of their initial investment back this week.

The Series 2 fund was suspended in March and a decision was made in June to wind down the fund.

Around £7.5m will be repaid to investors by 5 October and Connaught Asset Management (Guernsey) says all monies will be returned, minus the cost of winding down the fund. CAM (Guernsey) says it cannot yet estimate how much the winding down costs will be. The last loans made by Tiuta Development Finance, which used the fund as a funding line, will be redeemed by April. It is not yet know when the last monies will be returned.

A spokesman says: “At a meeting of the directors of Connaught Asset Management (Guernsey) Limited on the 1 October, it was confirmed that an initial capital distribution of approximately 43.5 per cent of the total investor funds is to be paid to investors in the Connaught Income Fund Series 2. Investors can expect to receive their capital distribution by Friday 5 October.”

The Connaught Income Series 1 fund was run by Connaught Asset Management, while the Series 2 fund was run by separate company Connaught Asset Management (Guernsey).

Connaught Asset Management was placed into administration last month after investors voted overwhelmingly in favour of placing the £118m Income Series 1 fund into liquidation.

The Series 1 fund was used to provide a £105m funding line to Tiuta International and the Series 2 fund was used as a funding line by Tiuta Development Finance, both of which were former subsidiaries of bridging lender Tiuta Plc, which was placed into administration last month.

Both the Series 1 and Series 2 funds were wound down in June. A Series 3 fund, which raised around £22m, was wound down in July due to a spike in redemptions.

Last month, Money Marketing revealed Tiuta Plc made a pre-tax loss of £37.8m in the 18 months to 30 September 2011.

CAM bought Tiuta International and Tiuta Development Finance, the Tiuta Plc subsidiaries that used the Series 1 and Series 2 funds respectively , for a £1 each in June. In July, Money Marketing revealed Tiuta International had been placed into administration by CAM.


Investec launches £200m Kensington and GMAC securitisation

Kensington Mortgages parent company Investec has launched a £200m securitisation backed by a pool of non-conforming residential mortgages. There are approximately 2,167 loans in the pool, made up of sub-prime and self-cert mortgages, which were originated pre-2008 by Kensington Mortgages and former sub-prime lenders Money Partners and GMAC-RFC. Some 60 per cent of the loans […]

All the winners from the 2012 IFP conference

The Institute of Financial Planning has awarded Fiscal Engineers managing director Shane Mullins the Tony Sellon “Good Egg” award at its annual conference in Newport. The award is in memory of IFP founder member and past president Tony Sellon who died of cancer in 2001. It recognises the individual who has contributed the most to […]

Vestra hires technical director from Axa

Wealth management firm Vestra Wealth has appointed Axa senior technical consultant David Lane as business development technical director. Lane joins Vestra after 11 years with Axa. He is a fellow of the Personal Finance Society, a chartered financial planner and an affiliate member of the Society of Trust and Estate Practitioners. Lane will work with […]


FSA targets wrap and Sipp providers in Ucis clampdown

The FSA is preparing to scrutinise the role of product providers as part of a wider clampdown on the marketing and promotion of Ucis investments. In August, the regulator proposed banning the promotion of Ucis and similar products to retail investors unless they are sophisticated, high-net-worth individuals. The ban would cover what the FSA calls […]

Directors, limited liability partners and auto-enrolment

By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm