View more on these topics

Maguire set to return to UK as questions over cru ties to Africa continue

cru Investment Management founder and non-executive chairman Jon Maguire is set to return to the UK today.

His return from Malawi coincides with the admission from the cru board that it does not believe that the Arch cru funds can be successfully remarketed once the suspension is lifted. This has led to the departure of a number of the group’s staff levels on the marketing and sales side of the business, some of which look set to transfer to the Africa operation.

A statement from the firm reads: “Given the suspension of the ARCH cru range these functions are thus redundant. Commercial revenues are clearly under threat as a result and there is no proposition for the market as things currently stand. Consequently, it is entirely prudent from a business management perspective to make those people engaged in those functions redundant.”

Redundancies include three sales staff, three sales support and one departure each in event management and marketing.

cru has reiterated that the Africa Invest Fund Management business, which launches its corporate finance arm in April, is not connected in any way with cru, except for Maguire’s equity position in both businesses.

Africa Invest fund invests in Malawian farms, raise living standards of the rural population and help boost economic growth in one of the world’s poorest countries. In addition to the Africa Invest fund the group launched the Africa Invest Capital Protected Plan, which offers exposure to the AIF but with capital protection.

The business received a £2.4m interest free loan from cru for establishment costs, farm acquisitions and working capital. A presentation for the Africa Invest fund also shows that cru has retained a 10 per cent stake of the company as founder shareholders – all of which is believed to be Maguire’s stake.


Mortgage pitfalls

Restrictions on mortgage products could be the nail in the coffin for struggling brokers.Last week’s Turner review did not rule out future product restrictions such as limiting loan to value ratios below 100 per cent and capping income multiples to three times, although it did say that such ideas were “premature”.The review says: “The introduction […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm