The Money Managers evolution?

Press Release:
16 September 2009

The Money Managers evolution?

Money Managers have recently distributed a letter to their clients celebrating their “new” direction.

In the interests of their clients, EUFA applauds Money Mangers intention to move beyond the practices of the past – particularly renouncing the “old Money Mangers” practice of manufacturing and issuing investment products.

These past practices have cost most of Money Managers 15,000 clients in excess of $200 million, or on average over $13,000 each.

With this reinvigorated respect for their client’s interests, EUFA asks:

– Will Money Mangers be prepared to work with EUFA to pursue legal actions against those people who it can be shown have contributed to inflicting these losses on their trusting clients?

– Will the new directors of Money Managers, Messrs Siddall & Tills, who are also directors of the trustee of the First Step scheme, provide some transparency and accountability for the debacle that has occurred?

– Will they also allow the investors an opportunity to appoint a receiver so that some independent people can manage winding up this scheme?

– Will Messrs Siddall & Tills, who were the architects and beneficiaries of the First Step scheme, step up and reimburse investors for any shortfall suffered from this misadventure?

– Will the company now openly acknowledge and address the serious issues caused by Mr Doug Somers-Edgars funnelling clients money into failed ventures like First Step, Orange Finance, Orange Insurance etc?

– In light of the suffering Money Managers clients have endured, will the new Money Mangers publicly lobby for Matrix Funding services (Doug Somers-Edgars private company) to waive the fees they currently charge for their ongoing services to First Step, Orange Finance and Totara First Mortgage Fund?

Until these things happen it can be assumed that the new Money Managers is putting the interests of directors and shareholders above their clients.

“The new CEO appears to think that people should happily move on, ignoring the problems of the past. He is overlooking the fact that the directors and shareholders of Money Managers have managed funds that have suffered untold financial loss. Until they address these issues and provide redress then no-one should be looking to move on” said EUFA spokesperson, John Simmons. “From where I stand it appears the captain may now be below decks, but he has merely handed the rudder on to his first mate.”

If you are a client of Money Managers, EUFA advises you to seek truly independent financial advice from members of either the Professional Advisors Association or the Institute of Financial Advisors.

EUFA’s Money Managers coordinators mission is to unravel the dealings which preceded the Financial Sector collapse, shine a light on those who are culpable and push for restitution from those who profited.

ENDS

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