The meeting will be held in central London with the venue to be decided on the number of registrations the firm receives. ARCH and Capita are also invited to attend.
Cru says it has had 28 IFA responses so far to take part in the firm’s investor committee, which is to lobby for the future of the funds.
Cru also says that following the suspension of the ARCH cru fund range on March 13 it has received 250 IFA responses with suggestions for how the situation could be resolved.
Cru claims that respondents have called for 90 per cent of the assets under their advice to be allocated to a mid to long term “lock in” to enable fair values of underlying assets to be realised, with a balance needing to be struck between those wanting to redeem and those needing income.
The statement reads: “The support for the continued availability of the funds has been overwhelming with over 98 per cent of respondents calling for the funds to be re-opened for new investment if possible.
“We appreciate that IFAs may well have reservations about supporting the funds going forward unless they have greater clarity and assurances on the nature of underlying holdings, valuation policy and how liquidity could be managed in the future – there will naturally be concern of a re-occurrence. Needless to say, we believe that ARCH and Capita are addressing these very issues.”
The firm has also denied that reduced staff levels are affecting its ability to handle the suspension of the Arch Cru fund range.
The group says it has also written to the FSA to ensure that fears over a fire sale of assets have been noted.
Cru has also responded to the FSA’s worries over liquidity in open ended funds and that it is a reasonably expectation that open-ended offerings are accessible.
A statement from the firm on the value of underlying holdings reads: “Clearly this expectation must be addressed. It is possible to obtain certain information in relation to the underlying holdings held within the Guernsey ICCs into which the UK Oeic funds invest.
“Such information is available from the published accounts for each ICC and from information published on the CISX. It is also possible to discern the net asset value and the cash holdings in each fund prior to suspension. We are currently compiling this information and will circulate it by email update when available as well as publish it on our website.”