No joy for Arch cru investors as fund wind-up 'unlikely' by year end

Arch cru investors have been told they must continue to wait to get back what value there is left in the failed fund range, as the liquidation process looks set to drag on beyond this year.

In a letter to investors seen by Professional Adviser, Capita warns it considers it "unlikely" the wind-up of the Guernsey incorporated cell companies in which the Arch cru funds are invested will be completed in 2015. The Arch cru fund range was suspended in March 2009 by the then regulator the Financial Services Authority (FSA) following a warning it could no longer trade due to pricing and liquidity issues. At that time it was worth a total of £363.6m. Since then some assets have been sold off - at a heavy discount - and the remainder of the fund range has been valued at about £45m...