Discovery of Arch Cru data reveals extent of losses

A group of Arch Cru investors have obtained figures which show the extent of the losses suffered by the fund range in the run up to its suspension.

From 16 June 2008 to 12 March 2009 - one day before its suspension - the CF Arch Cru Investment Portfolio went from having a net asset value (NAV) of 113.910 to 101.810. The Arch Cru Specialist Portfolio fell from 114.220 on 20 June 2008 to 102.910 by 12 March 2009.

In the final few days before suspension the NAVs on the funds fell 6%.

The figures were released by Capita, the authorised corporate director of the fund, after persistent requests by investors.

Without the data, investors claimed it was impossible for them to understand the extent of their losses and judge the worth of the £54m compensation offer put together by Capita and trustees for the funds, HSBC and BNY Mellon.

The group wants investors to lobby their MPs to protest the £54m FSA-brokered compensation package, on the grounds it uses the figures from the date of the funds' suspension to calculate investors' losses. They want the higher pre-suspension figures to be used instead.

The company said it stands by its use of the 13 March 2009 suspension day figure to calculate losses.

"It was the appropriate value to use because, until suspension, investors were able to redeem their investment in full, and at the published price. All redemption requests prior to suspension were met in full. It is only since suspension that investors have been unable to realise their investment," it said.

"They would therefore already be able to assess the offer they have received against the amount they originally invested, and against how much it was subsequently stated to be worth in previous six monthly statements," Capita said.

Capita admitted last month that three-quarters of the remaining value of the cells is uncertain.