cru cuts staff

cru investment management, the firm set up by Jon Maguire, has released a statement to say it does not believe the Arch cru range can be successfully re-marketed once the suspension of trading has lifted.

As a result, it continues, it has “significantly reduced” staffing levels in the sales and marketing teams, although a number of staff have been offered positions at Africa Invest, another business set up by Maguire.

However, it adds, the executive management team remains in place and advisers should direct their queries to either Maguire or Marc Ainscough, managing director.

“The executive management team remains firmly in place to ensure that we are in a strong position to co-ordinate feedback from the IFA support base and their clients through our proposed ‘Investor Committee’ that we expect to be in place and active by the end of this month.”

It is also making statements it has released available to clients via its website, to ensure “a fire sale of ARCH cru fund assets does not take place and that Capita responds to the overwhelming view of the investor base which is to allow time for the secondary market in private market assets to stabilise.”

The firm rebuffs claims that Maguire “has disappeared to Africa” citing “unavoidable obligations” to Africa Invest for his absence. He returns today.

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