Thu, Jul 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. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge funds, seeing opportunity, invest in struggling hotels in Puerto Rico[more]

    From NYTimes.com: Puerto Rico’s tourism industry has fallen victim to the island’s struggling economy, hit by one misfortune after another. In March, the San Juan Beach Hotel filed for bankruptcy. This week, the Condado Plaza Hilton was forced to close its casino. But nearly two thousand miles away,

  3. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  4. Bridgewater turns bearish on China[more]

    Komfie Manalo, Opalesque Asia: The world’s biggest hedge fund Bridgewater Associates and one of the most vocal of China’s potential is now turning its back against the world’s second largest economy as it joins a growing list of high-profile investors who are challenging China’s potentials.

  5. Opalesque Roundup: Hedge fund assets rose to 11th consecutive quarterly record level: hedge fund news, week 31[more]

    In the week ending 24 July, 2015, the total global hedge fund industry assets rose to the 11th consecutive quarterly record level in 2Q15 to $2.97tln; Eurekahedge reported that hedge funds raised $93bn in the first six months of 2015; The SS&C GlobeOp Forward Redemption Indicator for July 201

 

banner