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cru fears FSA action

cru Asset Management is concerned that the Financial Services Authority (FSA) may want the Arch cru fund range, which was suspended on March 13, to be liquidated at the earliest possible opportunity.

A statement published on cru’s website says this decision may be made “on the grounds that although the structure of the funds is not against the letter of regulation in respect of ‘alternative assets’, it is against the spirit.”

The statement, signed by cru managing director Marc Ainscough, adds that cru is seeking a meeting with the FSA.

“This will be to impress on the regulator that over 90% of investors would prefer a long-term solution to the future of the funds, and that any forced sale of underlying assets will be to the detriment of investors and may result in losses being crystallised unnecessarily.”

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