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Cru’s Maguire writes to Chancellor

Cru founder Jon Maguire has penned a letter to Chancellor of the Exchequer Alistair Darling questioning the roles of ARCH, Capita and the FSA in the suspension of the £400m Arch cru fund range.

Maguire says that all three parties have yet to speak to any of the 20,000 investors in the range about the existence and visibility of the funds underlying assets.

The funds were initially suspended for 28 days on March 13, 2009, however the FSA agreed to continue the suspension until May 31, 2009.

Maguire says this is an intolerable situation because private investors have a right to know if their assets are secure, even if they may have fallen in value.

He says: “I would be obliged if you could impress on Capita the need to communicate openly with investors regarding the underlying assets, their current value and a timetable for the funds re-opening. I am sure you will agree with us that it is wholly unacceptable that investors in UK FSA authorised funds can be forced to wait ten weeks to be told basic things relating to their investments. There is not even any commitment that a statement will be made relating to investment value, by 31 May 2009.”

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