Asset manager Castlestone Management is to close four offshore funds after revealing their net asset value had fallen below the 'minimum viable amount'.

The Dublin-domiciled Aliquot Commodity, Aliquot Agriculture, Intelligent Portfolio (IQ) Asset Allocation and Aliquot Precious Metals UCITS funds are all to close.

In a market statement, directors of the company announced it would terminate the funds and would be seeking to wind the funds up.

Directors claimed a number of issues had led to the closures, including market conditions, as they decided the net asset value of the funds was below a minimum viable.

The statement claimed the closures would be in the 'best interests' of investors in the fund. The company said had been taken 'in isolation' and would not impact any other element of its business.

Last month, the Financial Services Authority launched an investigation into Castlestone Management.

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