PA ANALYSIS: New funds, diversification and weather-proofing portfolios

From pa analysis Sep 2 2014 @ 07:30

Diversification appears to be high on investor minds as summer winds down and inboxes fill up...
view article

Bank fine worries weigh on Woodford

From News Sep 1 2014 @ 13:52

Neil Woodford has sold his recently acquired stake in HSBC, on the back of concerns about the...
view article






Five property funds to write home about

Five property funds to write home aboutWith data from the likes of Cofunds and the IMA showing property fund sales have...
view article

Aviva promotes Lis to CIO equities and multi...

From People Moves Sep 2 2014 @ 17:03

NATO summit watch: adopting the brace position

From economics Sep 2 2014 @ 12:25

MORE FROM Product News


Sesame most complained about advisory firm

Sesame most complained about advisory firmSesame received more complaints than any other advisory firm over the first half...
view article

Threadneedle adds again to multi-asset team

From People Moves Sep 2 2014 @ 11:53

Rothschild bolsters UK wealth management...

From People Moves Sep 2 2014 @ 11:45



Mattioli Woods sees discretionary funds rise fourfold

Mattioli Woods sees discretionary funds rise fourfoldMattioli Woods' discretionary funds under management have quadrupled to £750m as...
view article

European Wealth snaps up two more Barclays...

From People Moves Sep 2 2014 @ 10:41

Ashmore unveils trio of China-focused funds

From Product News Sep 2 2014 @ 10:17


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...