New art investment fund defies gloom over market

New art investment fund defies gloom over market

(Source: The Art Newspaper)
LONDON. A new art fund aimed at individual investors is to be launched at the end of May, in defiance of the view that such funds will struggle to survive in the current weak art market.
Angus Murray, joint chief executive of independent fund manager Castlestone Management, who will manage the "Collection of Modern Art" fund, said he had already secured an initial $25m plus a further $25 in agreed obligations. Pre-marketing is currently under way in the UK, Europe, Asia, South America and the Middle East ahead of the fund opening to external investment at the end of May.

According to Castleton, theirs is the only art fund open to individual rather than institutional or professional investors. The minimum investment is $10,000 or £10,000, although individuals can only invest via a financial advisor because "we believe the advice of a professional is essential in helping savers put together the most appropriate portfolio of investments". Collection of Modern Art is an offshore mutual fund domiciled in the British Virgin Islands. "It is designed to run for eight years, because we are looking at long-term returns, not a get-rich quick trading scheme," the company said. Read Article...
http://www.theartnewspaper.com/article.asp?id=17212