Fri, Apr 18, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Castlestone confirms it is under FSA regulatory investigation

Wednesday, July 20, 2011

Angus Murray
Opalesque Industry Update - On Wednesday, Castlestone confirmed in a statement that the FSA had visited its offices that day due to an investigation taking place. “The company is cooperating fully with that investigation. A further statement will be made by the company as soon as possible.”

Portfolio Advisor reported that the FSA has issued search warrants on two premises in London and one in Chichester, and Castlestone confirmed that its offices were under investigation. The commodity based fund firm has seen several departures over the past few months including those of Connor Noonan, Bradley Tim and Arrash Zafari, compliance head Ed Williamson and other compliance and trade personnel have left the firm in 2011.

According to the Portfolio Advisor report, two of the firm’s UCITS funds have been struggling with the precious metals fund down -1.15% 2011 and the multi-asset portfolio down 5.96% YTD. However, these losses are in line with wider hedge fund industry losses. The firm has also reported that its agriculture fund is up 44% in the past 12 months. When the firm launched the precious metals fund in 2010, Castlestone CEO Angus Murray was bullish on metals as a shield against currency devaluation in volatile times.

Portfolio Adviser notes that all four of the UCITS funds that are domiciled in Ireland (including the precious metals fund) saw the Central Bank of Ireland temporarily suspend subscriptions into the accounts on June 1, but that ban was lifted 10 days later.

Kirsten Bischoff

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  4. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo

  5. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an