The Connaught Asset Management board has proposed winding up the suspended Connaught Income Series 2 offshore fund.
Connaught's board said in a meeting on Tuesday it will propose winding down the unregulated collective investment scheme (UCIS) at an extraordinary general meeting (EGM) of unit holders. The fund was suspended from trading on the Channel Islands Stock Exchange after failing to pay scheduled quarterly interest payments in April. The suspension of the calculation of the net asset value of the fund, along with the issue and redemption of units, will continue until unit holders vote on the proposals at the EGM. Yesterday, parent company Connaught Asset Management acquired Tiuta Develop...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
