The Columna Commodities fund is/was a Luxembourg domiciled SICAV sophisticated investor fund which proposed to invest in a ‘three pillars’ approach to commodities whatever that may actually be. It was a sub fund of the Luxembourg Fund Partners (LFP) ‘Umbrella structure’ which was used by many alternative investment managers who wished to have a convenient and legal structure to aggregate client investment money.
Luxembourg Fund Partners were regulated by the Luxembourg CSSF (Commission de Surveillance du Secteur Financier) as an alternative investment fund manager (AIFM) and used a range of subcontracted service providers such as Société Générale and PWC which added a false degree of creditability to the overall investment concept. These names were clearly being misused to convince investors into the fund to benefit the originators.
The Columna Commodities Fund had been marketed predominantly through English speaking IFA’s across Switzerland, Europe and the Middle East on the basis that it would invest in a range of commodity-linked assets but had, allegedly, loaned the bulk of its subscriptions to a Hong Kong-based private company called Global Hill Corporation, which was wholly-owned by LFP I SICAV.
The fund has been suspended since 2016/17 and most of the c. €60m of assets have disappeared or were mismanaged with little transactional information available. Newport Litigation are keen to help investors seek redress from guilty parties who have profited or benefited in any way.
Retail investors should join the growing group action run by Newport Litigation as many invested through Life Insurance policies and pension trustees who had a fiduciary responsibility to protect against investing in professional investor funds such as this.