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Cru founder Jon Maguire back with new launch

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.”

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Comments

There are 27 comments at the moment, we would love to hear your opinion too.

  1. 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.

  2. more front than Blackpool.

  3. 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.

  4. Parallel universe ?

    But I am sure there will be takers.

    Tulip anyone ?

  5. 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

  6. 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..

  7. “a bit sceptical” – LOL

  8. william meston 2nd June 2010 at 11:32 am

    Wake up FSA

  9. Exasperated me 2nd June 2010 at 11:34 am

    Why can’t the FSA declare him “not Fit and proper”?

  10. Neil F Liversidge 2nd June 2010 at 11:37 am

    I think the buzzword for this is ‘a big ask’.

  11. Why oh why won’t Jon Maguire just go away and give us all peace. The investment community would be a better place without him – Cru, Africa Invest – both complete disasters.
    His next project – another disaster for sure !

  12. Not fit for purpose ! 2nd June 2010 at 11:47 am

    No rational IFA should ever walk in the same room as this “fly-by-night” after what happened to Arch Cru etc. Wake up and smell the coffee – he will lose all your clients money hand over fist- guaranteed. No ifs or buts – rather place your money in a steel bin and poor petrol over it- you will have much more fun and it wont line his pockets for his fantasy lifestyle.

    The man is out only for himself and once the trouble hits he will walk off with clients monies in to the sunset and leave devastated clients in his wake AGAIN !!!

    Once bitten twice shy ! What on earth can he have to offer that only enriches himself to the detriment of all others- Hmm they have a word for such people dont they ? Begins with a “c” and ends with rook.

    Stay away you gullible sad IFAs – Mr Maguire is dangerous and selfish.

    Caveat Emptor applies here in the extreme !

    Move on to Gold or something sensible that will make clients some money in hard times.

  13. Alistair Blyth 2nd June 2010 at 12:09 pm

    Perhaps Maguire will do some honest marketing this time and call it the ‘Don’t Touch with a Bargepole’ Fund.

  14. is he joking? suggest he concentrates on his political career and stays away from Financial Services as seeing him any where near new funds would be like putting Oliver Reed in charge of Oddbins

  15. Where on earth is the FSA?

  16. He’s back – run for the hills!!!
    Come on FSA, bear those teeth to those who deserve it will you?
    N&P may sell it though…..

  17. Well done I suppose for getting back on the bike…but not using my clients’ money thank you very much.

  18. This is got to be a 2011 April fool.Enjoy reading the press cuts Jon, as you have a cat in hells chance of finding enough mugs to pay off your overdraft this time!!! Anyone waat to buy London Bridge just contact him.

  19. The Dark Horse 2nd June 2010 at 2:17 pm

    This man is to investing what King Herod was to babysitting!

    Give me a break!!!

  20. what a nerve!!!!!!!

  21. James McGinty 2nd June 2010 at 3:57 pm

    How will he do this? cru may not carry on any regulated activities according to the FSA Register.

  22. Peter Davies @ Create Wealth 2nd June 2010 at 4:01 pm

    The old saying ‘you wouldn’t touch it with a barge pole comes to mind!’

  23. His days are numbered in this industry. No self respecting human being let alone IFA should give him the time of day. Mr Maguire is a racist crook and should be stopped before he ruins the lives of other innocent people who are unfortunate to beleive his bullshit!

  24. Dathan Steele 2nd June 2010 at 6:22 pm

    I suppose Jon requires more money to fund his drinking!

    Hell, I’m sure if he offers enough commission there will be idiots who will pile their clients money in 🙁

  25. FSA, do your job for once ! This man should never see the light of day in Financial Services ever, ever again.

  26. John D Taxpayer 4th June 2010 at 4:29 pm

    For once, I seem to be with the majority. Could someone please call the FSA as I assume they have all nodded off up there – probably the heat

    Still, I expect Bancassurers will shift this new product by the truckload.

  27. Is it like Africa failure , where he heard the voice of God calling him.

    Is it like the Cheltenham general election English Decocrat’s failure, ” A vote for me is a vote for God”

    Possibly Maguire believes that poverty is some sign of being devout. In which case he has done so much for God that the Pope should consider him for canonisation

    On the otherhand perhaps he just staggers from one desaster to the next.

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