Connaught Asset Management enters administration

Connaught Asset Management has entered administration following the suspension of its three unregulated collective investment schemes (UCISs).

Peter Hollis of KPF Advisory has been appointed as administrator. Hollis will investigate the collapse of the Income Series 1, 2 and 3 funds, which provided credit lines to stricken bridging lender Tuita plc, a company that last month reported a pre-tax loss of more than £37m. At a meeting in Birmingham last week, 92% of investors present voted to wind up the Series 1 fund, the largest of the three which at one point reached £118m. The fund provided a total of £105m for Tiuta International Limited, an arm of Tiuta plc that entered administration in June. Series 1 was suspended i...