Issue link: https://maltatoday.uberflip.com/i/688389
maltatoday, SUNDAY, 5 JUNE 2016 13 News Falcon Asset Management Falcon Asset Holdings Directors: Tonio Depasquale, Guido Mizzi Directors: Tonio Depasquale, Guido Mizzi Anthony Farrell resigned director- ship in FAM in March 2016 FALCON FUNDS Sicav Directors: Tonio Fenech, Joseph Xuereb, Ian Zammit created 22/11/13 Emil Ingmanson served as a business introducer to initiate Falcon Funds created 27/715 created 31/715 Temple Asset Management Owners: CAM (BVI) and Anthony Farrell Comino Holding LLP (London) Falcon Gozo • Falcon Comino (Isle of Man) Temple manages Falcon Funds, but its Floriana building also houses Falcon Asset Managament In February 2016, Ingmanson transferred his one share in Falcon As- set Management to Falcon Asset Hold- ings, and onwards to Comino Holding LLP in London. created April 2015 The owners of Comino Holding are Falcon Gozo and Falcon Comino, whose real owners are hidden be- hind Isle of Man nominees. owned by owned by Emil Amir Ingmanson has been named by Temple Asset Management as the ultimate beneficial owner of Falcon Asset Management (see email below). Ingmanson appears in emails representing Fal- con Funds and Temple Asset Management and marketing the fund. €216 million in pension savings transferred from Insiderfonda to Optimus, later merged and transferred to Falcon Funds in 2015 Rogue sellers targeted Swedish pension savers • From Spain, Konsumentkraft marketing agents encouraged Swedish pension savers to switch their premium pension savings to Optimus High Yield, which in 2015 merged with Falcon Funds. They also marketed Falcon Funds up until September, October 2015. • The Swedish pensions agency believes Konsumentkraft was working at the behest of Emil Ingmanson, who was an initiator for Falcon Funds, but it has been unable to prove the allegation. • Tonio Fenech, one of the three diretcors of Falcon Funds, insists the Swedish pen- sions agency has an agenda against the pension fund because it is run in Malta, and that the MFSA has found nothing wrong with its investments. • The Swedish pensions agency is suspi- cious of the securities Solid Venture P2P and Boardwalk Real Estate, which bear similar names to companies associated with Ingmanson in Malta and the Isle of Man. • Tonio Fenech says Konsumentkraft could have wanted to solicit a management fee from funds it had aggressively marketed, against the threat that it would send the customer base elsewhere. 2015 she managed to move €700,000 in six weeks to Fal- con Funds. "Although sales were going well, management wanted even more capital moving into Falcon Funds. So we were told to say that we're calling on behalf of the Swedish Pensions Authority. Many of us questioned this." This enabled the Konsumentkraft advisors to request clients' PIN numbers to access their pension accounts. "They'd say: 'yes, go ahead, I don't know what anyway'. So we just cleared it all out and placed it in Falcon." Ingmanson and Falcon Funds Emil Ingmanson is not formally part of the Falcon Funds Sicav, but he was originally an initiator of the fund by acting as a business introducer. Falcon Asset Management, of which Ingmanson is its ul- timate beneficial owner, is registered at the same Floriana building where Temple Asset Management is. Temple Asset Management is the company that takes investment decisions on where the Falcon Funds monies get invested. But Falcon Funds is not connected to Falcon Asset Management, Fenech has declared – although as re- cently as March, Temple Asset Management's owner An- thony Farrell resigned from Falcon Asset Management as director. And in one email, Temple's Philip Eaton Richards de- scribes Ingmanson as the ultimate beneficial owner of Fal- con Asset Management, indicating that this company is ex- pected to become the manager of Falcon Funds' underlying funds. While Fenech insists that Ingmanson has only acted as an introducer when Falcon Funds was set up in 2013, the Swedish pensions agency claims Ingmanson has a conflict of interest by having marketed the fund, and by having a "clear involvement in the fund management". In February 2016, Ingmanson transferred his one share in Falcon Asset Management to Falcon Asset Holdings; his sole share in Falcon Asset Holdings was then transferred to London firm Comino Holding LLP, which is in turn owned by two companies in the Isle of Man – Falcon Gozo and Falcon Comino. But the ultimate beneficial owners of these two compa- nies are hidden behind nominees. Left: a letter from the Malta Financial Services Authority to the Swedish pensions agency, saying it has found nothing untoward about the securities Solid Venture P2P, WSC Pro Mittellstand ETI, and Boardwalk Real Estate ETI. But Ingmanson has been associated with a Maltese company called Solid Venture Capital and an Isle of Man company called Boardwalk, arousing the Swedish pension agency's suspicsions. Right: an email to a bank (identity hidden) from Philip Eaton Richards of Temple Asset Management, the investment firm that manages Falcon Funds and decides where the money is invested in. Here, Ingmanson is described as the ultimate beneficial owner of Falcon Asset Management, which will eventually become asset manager of Falcon Funds.