IFAonline has uncovered documents which show Cru Investment Management offered IFAs who moved all of their clients into its funds preferential buy-out terms when they wanted to exit the industry and sell their business - but only after they had been with Cru for two years.
A copy of the exit terms Cru used with IFAs show only advisers who had transferred all of their clients to invest in Cru funds - versions of which later became the failed Arch Cru fund range - were eligible for the buy-out option. IFAonline understands no IFA firms took Cru up on the offer. Under the terms of the deal an adviser was only eligible for a buy-out two years after they had transferred all of their clients to Cru funds. The CF Arch Cru funds launched in spring 2006 and were suspended by March 2009. However the buy-out option seems to have been offered as a further incent...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
