Castlestone Management has confirmed that it is to wind down its UK operations, after announcing the closure of its Dublin-domiciled fund range earlier this year.
A spokesman for the company confirmed that the UK business will be wound down as there was “no need” to keep it open.
The remaining non-Ucits funds managed by Castlestone will be run from the British Virgin Islands.
The company announced in August that it would be closing its four Dublin-listed funds.
Angus Murray (pictured), former chief executive of Castlestone in the UK, also stepped down, to take over as chief investment officer at its British Virgin Islands operations in August, to be replaced by global head of sales Jerry Devlin.
The company has been subject to much speculation in recent months, which accelerated after it was raided by the Financial Services Authority and the City of London police.