Castlestone axes 35 jobs as UK business folds

Castlestone has confirmed it will wind down its UK business and axe a number of jobs.

A spokesperson for Castlestone confirmed the group has gone into administration and made all 35 staff redundant. "Due to the closure of the UCITs funds we see no need to have a management company based in the UK. "Our parent firm's British Virgin Islands company will retain 22 staff worldwide but there will be redundancies for the 35 staff based in the UK." Last month the group moved to wind up its listed funds business, consisting of four portfolios, three of which were suspended earlier this year. On 9 August the company directors decided to terminate the Dublin-domiciled fund...