Mon, Mar 30, 2015
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   |   
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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner