You are currently viewing the International Edition. You can also switch to the Hong Kong Edition.
Wednesday 1 July 2015

Nobles Crus suspends trading

10th June, 2013 by Rupert Millar

Wine investment fund Nobles Crus, has suspended trading due to a lack of liquidity.

wine cellarBased in Luxembourg, the company was told in May by the duchy’s financial commission that it was no longer allowed to pay out redemptions or accept new funds.

Several of the funds investors have sold out their shares following the news that from the 31 December this year, a new EU law will forbid fund managers running unit trusts from investing in commodities such as wine.

This has meant that Nobles Crus is facing “redemptions involving considerable sums of money,” said Miriam Wilson and Michel Tamiser, who are partners in Nobles Crus’ parent company, Elite Advisers.

In a statement to investors they continued: “Currently, Nobles Crus does not have the necessary liquidity to honour these requests in the very short term.

“As we have always emphasised, the fine wine market is relatively liquid, however, in different proportions to those of the financial markets.

“We are well aware of the importance, in the current circumstances, to sell at market price and not too hastily sell in order to free up the necessary liquidity to honour these redemption requests.”

Last year the fund was looked into by the Financial Times among others and it was reported that its valuation system “did not reflect reality”.

Nobles Crus vigorously defended its practices in a lengthy statement.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

If that's interesting, how about these?

BI offers 2014 imperial collection en primeur

Fine wine merchant Bordeaux Index is offering its clients a 10 imperial more...

Australia puts quality centre stage

Wine Australia has pledged to invest AUD$35m annually for the next five years more...

Austrian wine importer launches in Hong Kong

A wine importer specialising in Austrian wines has launched in Hong Kong to more...

Digital and Communications Executive

£22,000-£26,000 dependent on experience

En primeur: beware the heralded vintage?

From an investment point of view is it best to buy the “vintages of the more...

Bordeaux 2005: 12 ‘perfect’ wines

Twelve wines have been given “perfect” 100-point ratings in Robert more...

Diageo appoints North America president

Deirdre Mahlan, Diageo's chief financial officer, has been announced as the more...

Business Development Executive

London, United Kingdom

£25-£30K + benefits, depending on experience

The Tour de l'Oc in pictures

A pictorial report of the highs and lows of the Tour de l'Oc cycling challenge more...

Castel feeds aperitif thirst

Europe’s largest wine producer, Castel, has unveiled a raft of new products more...

Cockburn's to launch ‘lost’ 1977 vintage

Cockburn's is set to release its 1977 vintage for the first time as part of more...

E-commerce, Sales & Marketing Executive

London, United Kingdom

Competitive salary and bonus package based on experience and qualification.

Plumpton College principal awarded OBE

Mr Des Lambert, Principal of Plumpton College since 2003, has been awarded an more...

Santa Rita launching new Irish campaign

Chilean wine producer Santa Rita Estates is spending €500,000 on a new more...

Hardys invests £4m in summer of cricket

Hardys has unveiled a new £4 million consumer marketing campaign to tie in more...

London Sales Manager / Key Account Manager

London, United Kingdom

Competitive - depending on skills and experience

Tesco to announce more sales woes

Tesco's travails look set to continue, as City analysts say it is preparing to more...

Parker retrospective boosts 05 Palmer

Château Palmer’s 2005 is the latest wine from that vintage to see an more...

Sutcliffe steps down from Sotheby’s role

Serena Sutcliffe MW has stepped down from her position as worldwide head of more...

Hatch Mansfield – Brand Manager

London, United Kingdom

Competitive salary

Bordeaux 2005: Biggest movers

Expectation surrounding the 2005s is building and pushing up prices for top more...

Beaujolais pushes for sparkling AOC

Beaujolais is trying to gain AOC status for its sparkling wines which, with it more...

Benevolent launches Ambassador drive

UK drinks trade charity The Benevolent is calling for volunteers from the trade more...

PR Manager

Competitive

Hart Davis Hart biggest in US

Chicago-based wine auctioneer Hart Davis Hart is the market leader in the US in more...

UK reviewing alcohol intake guidelines

Health officials are to review the government's drinking guidelines, as more...