Castlestone Management has announced the closure of its Dublin-based UCITS fund range.

The decision follows a recent strategic review by the company.

The fund range consists of the Aliquot Precious Metals, Aliquot Commodity Fund, Aliquot Agriculture Fund and Intelligent Portfolio Asset Allocation.

No new subscriptions will be accepted into these funds from 10am on 11 August.

Castlestone says the funds have been closed due to the nervous nature of investors in the economic environment and the disproportionate allocation of time and costs taken to manage the funds.

The firm will soon be writing to advisers and investors to advise on the closing down of their funds.

The directors of Castlestone said: “We opened the UCITS funds when many investors were concerned about investing in traditional asset classes given what had happened in the global financial crisis.

“We have not experienced the expected inflows into the funds which would have resulted in the critical mass to make the funds viable in the long term. We have therefore made the decision to close these funds.”

The firm’s Chichester and London offices were raided by the Financial Services Authority in July but the firm says this is unconnected to the closure of the funds.

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