Connaught Asset Management and Tuita enter administration

Peter Hollis of KPF Advisory has been appointed as administrator of Connaught. Hollis will investigate the collapse of the Income Series 1, 2 and 3 funds, which provided credit lines to stricken bridging lender Tuita plc, a company that last month reported a pre-tax loss of more than £37m. At a meeting in Birmingham last week, 92% of investors present voted to wind up the Series 1 fund, the largest of the three which at one point reached £118m. The fund provided a total of £105m for Tiuta International Limited, an arm of Tiuta plc that entered administration in June. Series 1 wa...