European Subprime Fund Halts Redemptions
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European Subprime Fund Halts Redemptions

Germany’s third-largest mutual fund manager halted redemptions from a fund invested in subprime mortgages last week, reports CE.cn. Union Investment Asset Management Holding put a stop to redemptions after investors redeemed €100 million ($137.94 million) from the €950 million ($1.31 billion) ABS-Invest Fund, a company spokesperson said on Friday. The spokesperson cited illiquidity in the market as a cause of the halted redemptions. “A lot of the subprime debt lies with European managers,” said Iain Beattie, a consultant who advises pension funds at Watson Wyatt Worldwide in London. “There could be more news to drip out on this.”


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