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...
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