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Castlestone launches retail art fund

Castlestone has launched the Collection of Modern Art fund, an offshore eight-year vehicle investing in modern art.

It will be managed by Angus Murray, Castlestone’s managing principal, and domiciled in the British Virgin Islands.

Murray says it is “one of the first regulated art funds”. “Art is going to perform very well – it is a real asset just like gold is a real asset,” he adds.

Minimum investment is £10,000 and the fund will open to external investment at the end of May. The annual management charge is 1% and thereafter a performance fee of 20%.

It has secured an initial $25 million (£16.9m) plus a further $25 million in agreed obligations. Monthly liquidity is available, but there will be a “dilution adjustment for early redemption,” says Castlestone.

The group said in a statement: “There is no other fund offering individuals access to the art market as part of their investments or pension portfolio … We will be supported by representatives from top auction houses, dealers and artists themselves.”

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