Voila Asset Marketing chief executive Joe O’Meara has confirmed that Arch Cru fund promoter Jon Maguire is “no longer associated” with the business.
Maguire was named investment development and marketing director at VAM in June when the group publicly announced its launch.
O’Meara says: “He has not been associated with this firm since the summer. He is devoting all his time to the Arch Cru compensation group.
“We just agreed that there is nothing else for him to do here. There were issues with Arch Cru and we wanted to learn from that.”
Maguire maintains that he is not chiefly to blame for the suspension of the £363m Arch Cru fund range and the £140m fall in its value.
Last week, Money Marketing revealed that VAM had rec-eived a letter from Thames River warning it to remove a reference to the investment boutique from the terms and conditions on its website.
On Monday this week, the VAM website appeared to have been taken offline.
VAM plans to market a series of asset-backed investment funds in the first quarter of 2011.
CandidMoney.com founder Justin Modray says: “Given what has happened, Maguire will find it hard to make a successful comeback into the industry.”