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Castlestone issues FSA raid update

Yesterday’s raids on Castlestone Management’s premises by the FSA have had no effect on the running of its Dublin or British Virgin Islands-domiciled funds, the firm has said.

On Wednesday, the regulator and the police executed search warrants on two of the asset manager’s premises in London and one in Chichester.

A new statement issued by Castlestone says the FSA’s visit was part of a regulatory investigation and intended to gather data relevant to the regulator’s inquiry.

It adds that Castlestone “continues to operate as normal” and reasserted the firm’s commitment to fully cooperate with the FSA investigation. It also says that no legal action has been taken against the manager.

“The FSA visit has had no effect on either the funds managed by Castlestone domiciled in the British Virgin Islands or the Ucits funds domiciled in Ireland and all funds remain open for trading and will accept subscriptions and redemptions as per normal,” the statement says.

In addition, Castlestone denies speculation that works of art from its Collection of Modern Art Fund, were not removed from its offices yesterday. Pieces in this collection will remain housed at these premises, the company says.

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