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Voila! Maguire really is daring to make a comeback
by Nicholas Paler on Jun 09, 2010 at 06:00
Jon Maguire has defended his return to financial services, claiming he is blameless in the Arch Cru scandal which left investors life savings hanging in the balance.
Cru Investment Management founder Maguire (pictured) has been hired by Joe O'Meara, former managing director of Gateway IFA, to head up the marketing division at his new venture, Voila Asset Marketing.
This is the first post Maguire has occupied since he resigned as chairman of Malawi-based Africa Invest in January. Africa Invest was the company at the centre of the controversy over the loans of Arch Cru investors' money to Cru Investment Management.
Maguire, investment development and marketing director at Voila, hit back at criticism of his involvement in Arch Cru.
Asked whether he could restore his reputation with advisers, he said: 'I don't know if it's as damaged as you think.
'If people focused on who the key culprits are, and that is Arch and Capita, then quite what Jon Maguire and Cru have got to do with it is still something that is beyond me. We didn't run the money.'
O'Meara, who invested £3 million of Gateway clients' money into the Arch Cru funds, said Voila is looking to market a number of funds to IFAs.
It has an agreement in place with Inspired Asset Management - an alternative investment manager and adviser - to market its Urban Share Opportunity fund and is also looking at carrying out the marketing for another fund, the Inspired Gap Finance Fund.
O'Meara - who resigned from Gateway at the beginning of the year and is now chief executive of Voila - conceded some IFAs would not back Maguire but maintained that Cru's only mistake had been to trust the firms handling the money.
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