Remington York Ltd., registered in Belize, and its three Remington FTSE Index Funds 25, 50 and 75 or Remington FTSE Index Option Funds are, by the admission of Andrew Linn, the metamorphosis of the rebarbative Investment Program Management Inc. (IPM Inc.) which has enjoyed a long, chequered and controversial history as the official caution from the Irish FSRA reproduced below bears witness. Remington York claims offices or representation in Spain, Japan and the United States.
Andrew Linn took over control of The Remington Growth Fund in 1995 and in 1997 bought out Leonard Berney's operation completely and ran it themselves thereafter. The Remington FTSE Fund ('a private fund') was created in 1997 and later spawned the Remington Growth Fund based on the much-maligned Berney method.
‘‘The trading formula used by the FTSE Index Fund was developed nearly two decades ago by Leonard Berney’’, so this statement confirms that Remington York is out of the same stable as IPM Inc.
Extracts from Remington York publicity:
‘‘In June of 2002, Leonard Berney, (the Fund’s Trading Manager “TM”), managing director of Investment Programme Management (IPM) and developer of the FTSE Index Proprietary Trading Formula (see below), retired from active participation, however
remains a consultant to the Company Mr. Berney was the Fund’s Senior Trading Manager and continues to use the modified ‘Berney Theory’.’’
‘‘The trading formula used by the Remington Index Fund was developed nearly two decades ago by Leonard Berney. It is an active technical analysis programme based exclusively on the application of rules and parameters derived from actual statistical data based on the movements and trends of the FTSE 100 Index extending over the 19-year period since inception. The database is constantly updated to incorporate current trends affecting the most recent price movements of the FTSE 100 Index.’’
‘‘Our clients have particular needs and we take them very seriously. This has resulted in a private fund that really doesn’t care if new clients ever come aboard. We welcome new investors...we just don’t solicit them indeed, for many years we wouldn’t consider accepting a new client unless they were recommended by a current client or an intermediary well known to us.’’
Fabio Tasheki Sunago, from Tokyo presumably, writes in Remington publicity material, ‘‘The Specialized Hedge Funds (there are three FTSE Index Funds for varying risk levels ranging from conservative to rather aggressive) are based in non-tax reporting domiciles in the protected British Crown Colonies of Isle of Man and Gibraltar.’’
The Isle of Man might have something to say about being described as a British Crown Colony, but they both would be outraged at the claim that Remington York is domiciled within their bailiwicks. Linn claims that Remington York was based in Gibraltar (indeed the literature claims it still is) since 1986 until it went to pastures new some years later. Departure was hastened by encroaching regulation.
Linn claims that Remington York does not solicit investment money from the public, which is a blatant lie (see above). A simple Google search will find Remington York plastered all over the Internet backed up by the monthly 'The London Letter’ sent out to 50,000 subscribers, which presumably keeps the money flowing into the coffers of these, totally unregistered and unauthorized investment funds. The London Letter bears the legend: ‘‘Remington York Ltd’s monthly update Remington FTSE Index Funds’’ emblazoned across the top of its front page
NB from The Irish Financial Services Regulatory Authority (‘Financial Services Regulator’)
''27/08/1998 Investment Program Management Inc.
Belize, Ireland & Spain
The Irish Financial Services Regulatory Authority (‘Financial Services Regulator’) publishes warning notices naming firms, which operate, as investment business firms in Ireland without appropriate authorization.
Under the Investment Intermediaries Act, 1995, it is a criminal offence for an investment firm to operate in Ireland unless it has appropriate authorization from the Financial Services Regulator. Clients of firms, which are not authorized, are not eligible for compensation from the Investor Compensation scheme.
In August 1998 the Central Bank of Ireland obtained legal powers to warn publicly about firms, which are not authorized. On 1 May 2003 these powers were transferred to the Financial Services Regulator. A list of firms upon which warning notices have been published is listed in the Full List.
Any person wishing to contact the Financial Services Regulator with information regarding such firms or to ascertain if an investment firm is authorized should contact:
Tel (Local): 1890 200 469
Tel (International): 00353 1 410 4000''
What they actually do with the money according to the prospectus is a masterpiece of incantational sophistry. Esoteric hardly begins to describe the baffling barrage of short and long strangles, short straddles and algebraical illustrations redolent of the Emperor’s New Clothes. The Remington York hype sports an avian symbol that, on the basis of the above, is probably the mythical Oozalum bird
(At various places in the Remington York publicity the registered trademark symbol appears alongside 'FTSE Index Theory ®', 'FTSE Index Fund ®' and 'Berney Theory ®'.)
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25th May 2006