Connaught suspends redemptions from Income Fund Series 1

Connaught Asset Management has suspended redemptions from its Connaught Income Fund Series 1 after a review flagged the possibility that some of the fund's loans may be under-secured.

Connaught said the suspension was temporary, pending the outcome of a review into the assets being used as security for the fund's loans. This is expected to take "a further four weeks". The fund, an unregulated collective investment scheme (UCIS), provides funds to the short-term lending market via specialist partner Tiuta, the short-term and bridging lender, with a target average LTV of 75%. "Our decision to temporarily suspend applications into, and redemptions out of, the Connaught Income Fund Series 1 has been taken while a detailed review of the assets being used as security for...