PA ANALYSIS: Time to rotate as bond proxies priced out

From pa analysis Feb 20 2015 @ 07:00

An inflection point is taking place across equity markets inviting investors towards more...
view article

PA ANALYSIS: Time for more context, less clutter in portfolio construction

From pa analysis Feb 19 2015 @ 07:30

One thing missing from portfolio construction is the ability to meaningfully translate the impact...
view article






QE sink will remain full for some time still – Hermes’ Williams

QE sink will remain full for some time still – Hermes’ WilliamsMarkets are finally worried about the right thing – the eurozone - according to...
view article

Bottom-up diversification - JPMAM launches...

From Product News Mar 3 2015 @ 16:06

Don't be misled by the top-down view - Swiss...

From Macro News Mar 3 2015 @ 14:30

MORE FROM Macro News


Architas launches global multi-asset fund

Architas, an investment house within the Axa Group, has launched a global multi...
view article

Square Mile to run model portfolios for...

From Product News Mar 3 2015 @ 11:36

India’s new budget – the constant drip of...

From economics Mar 3 2015 @ 11:10

MORE FROM Product News


GAM to grow multi-asset, drop Swiss & Global brand

GAM to grow multi-asset, drop Swiss & Global brandGAM Holdings plans to strengthen its position in the multi-asset space as it seeks...
view article

Six reasons to remain bullish on healthcare

From News Mar 3 2015 @ 09:00

Searching for the right kind of beta

From pa analysis Mar 3 2015 @ 07:30


FSA executes search warrants on Castlestone's offices

From News Jul 20 2011 BY: Kira Nickerson , News reporter , Portfolio Adviser

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin

The FSA is investigating Castlestone Management but is not detailing what it is looking for in its search of several premises connected to the group.

All the regulator will say on the matter is that it issued “search warrants on two premises in London and one in Chichester. The FSA's regulatory investigation is on-going.”

The FSA says its issuance of search warrants may be infrequent but not uncommon and can involve anything from investigations into market abuse, insider dealing, regulatory breaches or simple fact-finding. It will not disclose what terms the warrants in the case cover or what it is looking for.

Castlestone runs a number of commodity-based funds, many of which feature direct commodity exposure as opposed to investing in the underlying equities. An investment committee of eight, headed by the firm’s CEO Angus Murray, manages the portfolios.

The investment committee has seen several departures over the past two months, the most recent of which is commodities analyst Connor Noonan; Bradley Tim and Arrash Zafari left in May.

Earlier this month the firm’s head of compliance, Ed Williamson, also parted ways with the group. Several other compliance and trading team members have also reportedly left the company since April.

Castlestone offers 15 funds, only four of which are structured as Ucits and distributed in the UK. The $4.17m Aliquot Precious Metals fund launched in June and offers exposure to gold, silver, platinum, copper and zinc via asset swaps. It has so far returned -1.15%, according to the group’s own factsheet.

The $4.3m Intelligent Portfolio Asset Allocation fund is a multi-asset portfolio on offer since March 2010. Over one year the fund, the largest position of which is to the Canadian dollar, has fallen 5.96% in sterling terms.

The $34.7m Aliquot Commodity fund was launched in June 2008, uses index swaps as well as transferrable securities, and invests in precious metals, industrial metals as well as soft commodities, livestock and water.

Also launched in 2008 is the $19.64m Aliquot Agriculture portfolio, which likewise uses index swaps to gain exposure to soft commodities, livestock grains and alternative energy. Over one year this fund is up more than 44% in dollar terms.

All four Ucits funds are domiciled in Ireland. On 1 June the Central Bank of Ireland temporarily suspended subscriptions into the portfolios but this was lifted on 10 June.

Castlestone has released a statement confirming the FSA investigation is taking place. It said: "Castlestone Management Limited can confirm that its premises were visited by the FSA this morning as part of a  regulatory investigation. The company is cooperating fully with that investigation. A further statement will be made by the company as soon as possible."

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin


Have your say

(Be the first to) Have your say!

Please sign in or register here to leave a comment. Registration is free and only takes a few moments.

Share us on Twitter

Join the community

Share on Linked In

Inform your colleagues

Switch to our mobile site

News on the go

Back tot he top of the page

Just click here...