Anglo Far-East Custodial Company selected as Precious Metals Agent for new Cayman-regulated physical gold Fund.
GRAND CAYMAN, Cayman Islands, Jan. 23, 2013 /PRNewswire via COMTEX/ --
Anglo Far-East Custodial Company (AFECC) has joined Physical Hard Assets Fund SPC and CIBC Bank to launch a new, fully allocated physical gold Fund regulated by the CIMA.
Under the Terms of Agreement, AFECC will provide all background logistics of acquisition, transport, auditing, safe storage, and liquidation of allocated physical gold bars backing the Fund.
The Physical Gold Fund SP was registered with Cayman Island Monetary Authority (CIMA) on October 17, 2012, and is available to sophisticated and institutional investors only. The Fund has been approved for listing on the Cayman Stock Exchange (CSX).
"Increasingly we are seeing demand for regulated physical gold products which are competitively priced yet provide additional robust protections versus systemic risk," says AFECC's Chief Market Strategist Alex Stanczyk. "AFECC assists the Fund with vaulting gold outside the banking system, yet it is fully allocated, and the security and metals meet good delivery standards."
"Due to the Fund's structure, metal is not held or vaulted by an entity that may have positions in financial markets or OTC Derivative risks," commented AFECC's Treasury Director Simon Heapes. "This gives the benefit of guarding the fund against a systemic domino effect in the economy which has become a concern for many investors in recent times. This unique custodial governance system was designed to closely reflect the time-proven system Anglo Far-East developed and has successfully used for nearly two decades now that we refer to as the Chain of Integrity."
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 a Segregated Portfolio Company domiciled in Cayman Islands and regulated by the Cayman Islands Monetary Authority (CIMA). For additional information, go to 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. For additional information, go to 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.
Contact: Alex StanczykWeb: www.anglofareast.com/afecc Phone: +1 206 905 9961Email: firstname.lastname@example.org
SOURCE Anglo Far-East Custodial Company
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