Castlestone to wind up UK business
Castlestone has confirmed it will wind down its UK business and axe a number of jobs.
The group said it will retain between 20 and 25 staff worldwide, putting a cloud over the job security of its UK-based employees.
On 9 August the company directors decided to terminate the Dublin-domiciled fund range.
The affected funds are the Aliquot Commodity, Aliquot Agriculture, Intelligent Portfolio Asset Allocation, and Aliquot Precious Metals funds, which will close on 11 August.
In July the firms’ offices were raided by the FSA, following the Central Bank of Ireland suspending subscriptions into the four UCITS funds.
In the same month, major platforms Nucleus, Skandia, and Cofunds suspended new investments into Castlestone funds pending the outcome of the FSA’s investigation.
Castlestone’s chief executive Angus Murray (pictured) stepped down in August, to be replaced by director of global sales Jerry Devlin.
Murray will stay on as chief investment officer based in the British Virgin Islands.