Arch trial: Fund manager denies 'rushed firesale' of portfolios

Arch Cru's new fund manager John Davey has heavily contested there was a 'fire sale' of Guernsey cells' portfolios that could have lost investors money following his firm's takeover of the investment 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 the argument that the Guernsey cells had contributed negl...