Maguire yanked pension out of Arch cru weeks before collapse

Cru investment management founder Jon Maguire cashed in his £150,000 investment in Arch cru just 14 weeks before the fund range was suspended, and while his firm was still promoting the troubled fund to other investors.

Documents seen by IFAonline show Maguire invested £77,016.26 in each of the CF Arch cru Investment and CF Arch cru Specialist portfolios in October 2006 but dumped all of his units on 28 November 2008. The investments - which had grown to £94,479.61 in the Specialist portfolio and £80,998.49 in the Investment portfolio - were sold for cash which Maguire then deposited into his Self-Invested Personal Pension. Just 14 weeks later, on 13 March 2009, the decision to suspend dealing on the funds was taken by outsourcing firm Capita, acting as the funds' trustee, and the FSA, due to liquidi...