New Cayman Regulated Physical Gold Fund Approved
GRAND CAYMAN, Cayman Islands, Jan. 8, 2013 /PRNewswire/ — Physical Hard Assets Fund SPC (PHAF) is pleased to announce the approval of its new Physical Gold Fund SP.
The Fund was registered with the Cayman Island Monetary Authority (CIMA) on October 17(th) 2012, and is available to sophisticated and institutional investors only. The Fund has been approved for listing on the Cayman Stock Exchange (CSX).
The Physical Gold Fund SP is designed to provide investors with a liquid, convenient and economical way to own shares in a regulated fund that is fully backed by physical allocated gold, independent of banks, with shares that are redeemable to the underlying physical gold through the Precious Metals Agent.
“We are very pleased to launch this fund, as there are investors who are concerned about gold vaulting arrangements with banks,” says Nestor Castillero, Director of Physical Hard Assets Fund SPC. “They want to be confident not only that the physical gold is accounted for, but that it is safe from systemic risks and that they can redeem shares for the gold itself. Physical Gold Fund SP is the first of its kind in the marketplace, and is competitive with much larger funds which may offer less robust defenses against systemic risk.”
Trident Fund Services is the fund administrator, Solomon Harris acts as Legal Counsel, Las Bovedas Company (Cayman) Limited is the Investment Advisor, AFE Custodial Company (AFECC) is the Precious Metals Agent, and Grant Thornton and Ernst and Young are the auditors.
Shares in the Fund are offered on the basis of an Offering Memorandum and Supplemental Offering Memorandum approved by the Cayman Stock Exchange (CSX) and filed with Cayman Islands Monetary Authority (CIMA), and the Memorandum and Articles of Association of PHAF.
About Physical Hard Assets Fund SPC
Physical Hard Assets Fund SPC is Segregated Portfolio Company domiciled in Cayman Islands, regulated by the Cayman Islands Monetary Authority (CIMA). For additional information: www.physicalgoldfund.com
About AFE Custodial Company
AFE Custodial Company (AFECC) is part of the Anglo Far-East group of companies and provides logistics support to institutions, funds and trusts in the market of good delivery gold and silver bullion. AFECC handles the full range of acquisition, storage and liquidation of good delivery metal on behalf of its clients. www.anglofareast.com/afecc
This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall thereby any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Nothing in this communication should be construed as investment advice or an investment recommendation. This communication has not been approved by any authority for any purpose.
SOURCE Physical Hard Assets Fund SPC