Castlestone Management chief executive Angus Murray is to step down and be replaced by global head of sales Jerry Devlin.
The announcement was made in an email to providers. It said Murray will be concentrating on his role as chief investment officer of Castlestone Management Inc. in the British Virgin Islands. In the email to providers, it states the decision is in response to FSA "concerns", but is independent of the decision to close the firm's UCITS funds. There will also be changes to the asset manager's compliance team and two non-executive directors will join the board, according to the source. Today Castlestone announced it is to wind up its listed funds business, consisting of four portfol...
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