MET investors get their money back

IT’S BEEN A LONG WAIT FOR GUERNSEY FUND After British liquidators have combed through MET fund, there’s money for investors and capital is untouched.

It’s been a long two years for investors in the MET Global Diversified Feeder Fund who can finally access their money that has been mired in allegations about Cobus Kellermann and David Cosgrove.

MET Collective Investments applied to the Financial Services Board (FSB) in June 2015 to have all repurchases from the portfolio suspended, following actions taken by the Guernsey Financial Services Commission (GFSC). MET Collective Investments confirmed last week the money will soon be available for distribution to investors, subject to the company’s normal operational, legal and regulatory requirements.

At June 3 2015, the portfolio’s net asset value was R224 836 614.40. MET Collective Investments is now calculating the growth on this amount after all costs have been taken into account. The company told Business it is confident investors will receive capital growth on their investments of about 10% over the period.

The MET Global Diversified Feeder Fund invested into the Armstrong Global Diversified Fund, a unit trust structure housed in the Trinity Global Fund in Guernsey. This was one of four mutual fund companies in Guernsey with links to Cosgrove and Kellermann that drew scrutiny in early 2015.

The Armstrong Global Diversified Fund was placed in liquidation and some of the money had already become available last year.

Last week, the trustees in Guernsey, Royal Bank of Canada (RBC), confirmed that the GFSC had given clearance to release the remainder.

“We have kept constant contact with the liquidators and trustees in Guernsey during this process,” MET Collective Investments’ CEO Etienne Gouws told Business.