Arch Cru's new fund manager John Davey heavily contested that there was a 'fire sale' of Guernsey cells' portfolios that could have lost investors money following his firm's takeover of the fund management mandate in 2009.
Acting as a witness in the trial against Arch Financial Products, brought by the cells' current board SPL Private Finance, the chief executive of fund manager Spearpoint said decisions to sell the portfolio companies had not been "rushed through". Each case had been looked at separately for its own merits he said, however with certain investments it was feared that, had additional capital been invested under alternative arrangements, it "would not have been recoverable". Arch FP's defence in the case against it rests partly on to the argument that the Guernsey cells had contributed n...
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