Connaught set to wind up offshore UCIS 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...