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Jon Maguire resurfaces with property investment venture
by Jun Merrett on Oct 25, 2013 at 10:28
Former Cru Investment Management chairman Jon Maguire has returned to the world of investment with an unregulated property venture.
Maguire (pictured) is the general secretary of Bath & Wiltshire Property Club, which was launched two weeks ago, and is aimed at investors with £30,000 or more.
The company will source property in the Bath and Wiltshire area, bring investors together and organise acquisitions.
Maguire said the club had received five inquiries a week with six investors in the pipeline. He said he hopes to get £10 million invested in property in the club's first year.
He said the venture was not a collective investment scheme and that no client money was pooled.
‘It’s a direct share, you’re not pooling people together and buying a load of property… [with them] sharing in a pool of housing, it’s all about direct investing,’ he said.
'We’ve ignored the fund route and come out and said we can marry off property investors who want to look at Bath in particular because it’s an iconic city. You can select a property you like, then go off to the lawyer, you get full legal title. We don’t handle money so we’re not investing money on their behalf, so it’s not a collective scheme.
‘They make a decision on their own but we can source and explain the property, in terms of its capital growth potential and its rental yield.’
Maguire said the club was not regulated and that if IFAs wanted to work as an introducer, they should consider deregulating.
‘If IFAs want to get involved, and we do operate introducer-based business, [they should] think about stepping out of regulation completely and if they want to [recommend] property to their friends they can all day long, they don’t have to put an advisory hat on.’
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