Angus Murray, the founder and chief executive of Castlestone, is to step down today as the firm prepares to liquidate its four Dublin-based funds.
Jerry Devlin, the director for global sales, will replace Murray, who will continue to provide assistance to the board during the handover period.
Murray will now focus on his role as the firm’s chief investment officer in the British Virgin Islands.
Castlestone announced yesterday that it would be closing four of its Dublin-based funds. The group says this is unconnected with the FSA’s investigation at the firm in July.
Castlestone has said that the closure of these funds will have no impact on investors in the British Virgin Island-based funds, including the Intelligent Portfolio (IQ) Asset Allocation fund.
Three of the four Castlestone funds that are to be liquidated were temporarily suspended by the Central Bank of Ireland in June.