Capita to publish Arch Cru valuations next month after PwC audit

Capita says it expects to publish valuations for the suspended Arch Cru fund range in September.

PricewaterhouseCoopers is thought to be conducting an audit of the underlying assets of the funds, although Capita would not confirm this.

'Our specialist advisers are continuing to work on conducting the valuation of the assets of the funds, including the underlying assets of the Guernsey cells. This is a process that is complex and is taking time,' said a Capita spokeswoman.

'We and our advisers are working as quickly as possible to complete this process, and we currently anticipate that valuations will be available for publication in September 2009.'

The suspension of the funds is not expected to be resolved until 2010, however, according to Cru Investment Management.

‘There remains a lot to be done and investors’ expectations will need to be carefully managed as a resolution this side of Christmas looks unlikely,’ said Cru managing director Marc Ainscough (pictured below) in an email to advisers.

He added that he was concerned that Capita had felt the need to appoint independent auditors to the funds.

‘We do not understand why Capita has chosen to undertake such an independent valuation, as it calls into question the process in place prior to suspension (which they were responsible for) and we will be monitoring this position very closely.’

Capita hopes to present investors with its recommendation for the future for the funds in October, according to minutes of the most recent meeting between Capita and the Arch Cru Funds Investor committee, a group of advisers with client money in the funds.

'We are considering the options available to investors with our specialist advisers,' said a Capita spokeswoman.