Connaught pays out 40% on suspended fund

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 payout by Friday. Connaught chairman Michael de Jer...