With notice of 21 August 2018, BaFin ordered Atlantic Global Asset Management (AGAM) and Five Winds Asset Management, Cape Verde, to cease their investment management activities immediately.
These companies offer “suitcases” or complete “portfolios” via the websites www.atlanticgam.es and www.fivewindsam.com and via a network of agents, some of which are domiciled in Germany. They claim that their investors share in the performance of these products. A clear investment strategy is not evident. The investors themselves do not make any decisions as to which financial instruments their money is invested in.
Atlantic Global Asset Management and Five Winds Asset Management therefore engage in investment management activities within the meaning of section 1 (1a) sentence 1 no. 11 of the German Banking Act(Kreditwesengesetz – KWG). However, they do not hold the authorisation required under section 32 (1) of the KWG. They are therefore conducting unauthorised business.
The notices are final.
These companies offer “suitcases” or complete “portfolios” via the websites www.atlanticgam.es and www.fivewindsam.com and via a network of agents, some of which are domiciled in Germany. They claim that their investors share in the performance of these products. A clear investment strategy is not evident. The investors themselves do not make any decisions as to which financial instruments their money is invested in.
Atlantic Global Asset Management and Five Winds Asset Management therefore engage in investment management activities within the meaning of section 1 (1a) sentence 1 no. 11 of the German Banking Act(Kreditwesengesetz – KWG). However, they do not hold the authorisation required under section 32 (1) of the KWG. They are therefore conducting unauthorised business.
The notices are final.
Source: BaFin
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