NEW WINE FUND GETS FSA APPROVAL
By John Stimpfig
A new wine investment fund's management team is the first ever to receive authorisation from the Financial Services Authority (FSA). The Vintage Wine Fund (VWF) is aiming to raise E50 million by January, mostly from private investors. Minimum subscriptions are E100,000. The VWF is run by OWC Asset Management Ltd, whose directors are Gary Boom and Andrew Davison. According to Boom, it took nine months to get approval from the FSA, a Government- funded regulatory agency. We believe it will provide a key competitive advantage in attracting investors,' he said. However, a spokesman for the FSA pointed out that the FSA does not regulate or authorise the fund itself, as it is an unregulated collective investment scheme. Boom will remain a director at Bordeaux Index, while Davison has left the London-based fine wine merchant to join the new private venture. VWF anticipates that it will provide returns of 15% per annum to investors.
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