Management of Bermuda-based The Voyager Fund yesterday spoke out to draw a clear distinction between their investment business and the Voyager Group of Companies, a financial services company which is under fire after two of its principals were arrested on fraud charges.

The Voyager Fund investment advisor Charlie Aitken told The Royal Gazette yesterday: "There is absolutely NO connection between the Voyager Group and The Voyager Fund. And nor is there any connection with the parties involved in the running of The Voyager Fund," he said.

Paul Lemmon and Andrew Proctor, both directors of the Voyager Group of Companies which has offices at 129 Front Street, were arrested last week after allegations of multi-million dollar securities fraud and have been detained in the US.

Mr. Aitken was speaking out in an effort to safeguard the reputation of The Voyager Fund - which was set up in 1995 and some years before the Voyager Group of Companies was established - and after clients of the fund had contacted him on whether or not there was any connection between the two entities.

Mr. Aitken added that while any sign of "malpractice" from a Bermuda company could do damage to the jurisdiction's reputation, he wanted to ensure specifically that he speak out before the fund's reputation be "tarnished in any way".

He continued to say that the fund is doing well despite the nosedive across global markets.

Mr. Aitken, who manages the fun through Summit Money Management (Bermuda) Ltd., continued to say the fund was performing well "at a time that the majority of investment funds have been having such a torrid time".