Connaught pays out 40% on suspended fund

clock

UCIS provider Connaught Asset Management is to reimburse investors in its Income Series 2 this week.

The fund, suspended in April after the collapse of related company Tuita, raised up to £18m in capital from investors. In a letter send on Monday, clients were informed they would receive about 43.5% of the suspended fund. "At a meeting of the directors of Connaught Asset Management on 1 October, it was confirmed that an initial capital distribution of approximately 43.5% of the total investor funds is to be paid to investors in the Connaught Income Fund Series 2," a statement from the company said. Investors will receive their pay-out by Friday. Connaught chairman Michael de Je...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read
Spring Budget 24: Chancellor unveils long-term UK growth plan

Spring Budget 24: Chancellor unveils long-term UK growth plan

Includes British ISA launch and further NI cut

clock 06 March 2024 • 1 min read