The below has bee taken from Citywire:

Capita has quashed concerns over the existence of the assets held by the Arch Cru funds in a letter to investors and advisers, but warned that the key issues around the suspension of the funds will not be resolved for six to eight weeks.

Capita, authorised corporate director for the Arch Cru funds, said it had received ‘adequate evidence of the existence and ownership of the underlying assets’ as part of its review of the funds. ‘This aspect of our review has been completed and has raised no concerns,’ Capita said.

Early on in the suspension process, Jon Maguire, non-executive chairman of Cru Investment Management - which marketed the funds - had attacked Capita for not addressing concerns over the existence of the assets.

However, delays to the audit process mean that issues over the valuation of the funds’ assets and the future options for the £350 million funds, suspended  in March, will not be resolved for another six to eight weeks.

Capita has also confirmed that PricewaterhouseCoopers is undertaking an audit of the funds. Capita had previously said it hoped to publish the results of a valuation of the audit last month, but outlined the delays to the process in the letter.

‘Whilst we had been hopeful that our valuation work would be completed by the end of September, some aspects are taking longer than expected,’ Capita said.

It pointed to delays in the Moore Stephens audit of the underlying cell companies held by the Arch Cru funds, which were due to be published by the end of last month. That has now been moved back to November, a statement to the Channel Islands stock exchange explains.

‘The finalisation of our valuation of the fund is dependent on the availability of this information,’ Capita said.