Tiuta backed by funders

Sarah Davidson

April 5, 2011

Mike Davies, chairman of Connaught Asset Management, said: “Connaught is aware that there have been a number of changes to the management team at Tiuta over the last few weeks and can confirm that we are entirely satisfied and fully support the new management team and structure.”

Connaught Asset Management was formed in February 2007 to research and offer asset backed lending and non-correlated investment opportunities into the investment market, based and secured against tangible assets to minimise investment risk and offer investors and institutions innovative ways to diversify their investments.

The statement comes after Guy Garrard, head of business development, Stuart Brumhill, head of marketing, and regional account managers Gordon Rae and Jim Baker announced their departures from the lender yesterday.

Tiuta released a statement saying the moves were part of a “restructure of its sales and lending operations”.

Former chief executive, George Patellis, also left the company at the end of February this year – reportedly because of family reasons.

Stuart Brumhill and Guy Garrard refused to comment while Steven Nicholas, the firm’s recently appointed chief executive, was unavailable for comment.

Davies added: “Connaught would also like to point out that it expects the press not to publish any potentially libellous statements without any factual basis to support it.”

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