The international and UK pension provider made the announcement today. It follows news last month that the Irish regulators and the Financial Services authority in the UK are making investigations into three of its funds: the Aliquot Commodity fund, Aliquot Agriculture fund and Intelligent Portfolio Asset Allocation fund.
At the time the FSA released a brief statement confirming it is investigating the firm. It said: “The FSA can confirm that it has executed search warrants on two premises in London and one in Chichester. The FSA’s regulatory investigation is ongoing”.
Brooklands said it its note to IFAs that, following the intervention of the regulators, it has “taken the decision to halt any further investment into all Castlestone funds with immediate effect and until further notice.”
It added: “We strongly recommend that you review your clients positions with regards to these funds and arrange to contact the clients directly and arrange to send us clear instruction should you wish to redeem existing holdings. Brooklands will not be unilaterally redeeming any existing holdings on your or your client’s behalf and will require instruction should you or the client’s wish to do so.”
