ARM investors call for action over bid delays

The Keydata-style fund, which at its peak has a face value of nearly £200m, never achieved regulatory approval, and in August 2011 was frozen by the CSSF in Luxembourg (where the fund is based), leaving more than 1,500 clients locked out of their investments. IFAOnline reported in April that there were four bidders for the assets in the fund, but despite a deadline of 27 April, the process has been beset by delays. The letter, sent today by forum representatives Alan Shanks and Gordon Pullan, says the ARM board had chosen a preferred bidder, but had failed to divulge it to bondholders...