Tue, 24 Jul 2012 | ADMINISTRATION
Tiuta International, the holding company for Connaught Asset Management’s £100 million series one bridging loan fund, has entered administration as the fund is wound down.
A review of the assets had revealed that a portion of the fund’s loans could be under-secured. In response to this Connaught froze redemptions from the unregulated collective investment scheme (Ucis) in March.
Connaught’s decision to wind up its income series one and two was made known in June. Both series partly funded Tiuta. Series one contained £100 million in assets, while series two had £12 million in securitised assets and £5 million in cash. It is also expected that the income fund series three will be wound up shortly.
Danny Dartnaill, BDO partner commented on the situation, “The joint administrators are taking all the necessary steps to safeguard the assets under their control and to assess the optimum strategy for maximising recoveries for the creditors of the company.
“We will ensure that the underlying investors in the company’s largest creditor, the Connaught Income Fund Series 1, are kept well informed as to progress and the potential likely outcome,” he added.
The FSA had cautioned investors back in 2011 about the series one and two income funds as it thought the advertising was not reflecting the true product.
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