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Castlestone chief Murray stands down as firm liquidates four Dublin funds

Castlestone founder and chief executive Angus Murray stepped down last week as the firm liquidated its four Dublin-based funds.

Director for global sales Jerry Devlin replaced Murray, who will continue to provide assistance to the board during the handover.

Murray will now focus on his role as the firm’s chief investment officer in the British Virgin Islands.

Last week, Castlestone closed the Aliquot commodity, Aliquot agriculture, Intelligent Portfolio (IQ) asset allocation and Aliquot precious metals funds. Three of the four liquidated funds, the Aliquot commodity, Aliquot agriculture and Intelligent Portfolio (IQ) asset allocation, were temporarily suspended by the Central Bank of Ireland in June.

Castlestone says the closure of these funds will have no impact on investors in its British Virgin Island-based funds.

Last month, the FSA executed search warrants on Castlestone premises in London and Chichester. The City of London police confirmed they were involved in the execution of the regulator’s London searches.

The group says the liquidation of the funds is not connected to the FSA’s investigation.

A spokesman says the decision to liquidate the four funds has resulted in a suspension of trading.

He says: “As a result of this decision and in order to facilitate the orderly realisation of the assets of the company and funds, the calculation of termination expenses and the prompt repayment to shareholders, the directors have also resolved that in the meantime no shares will be issued or sold. The Central Bank of Ireland and the Irish Stock Exchange have been notified accordingly.”

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