robisc
09.11.08, 10:18
najwyrazniej fundusz stracil plynnosc i bank zostal zmuszony do wstrzymania
wyplat; tego typu info, na moj gust, moze byc zapalnikiem kolejnej fali umorzen
SAN FRANCISCO (MarketWatch) - Swiss bank Credit Suisse Group said Saturday
that it is shutting down a bond fund and its subfunds after their value was
crushed by the global financial crisis, according to a published report.
The bank said it will close the CS Bond Fund (Lux) Target Return because the
lack of liquidity in the market has made it impossible to sell assets to meet
redemption requests, Reuters reported.
"In the course of the last days and weeks investors have significantly sold
assets in a flight to liquidity. The volume of redemptions has meant that many
subfunds have become too small to operate on practical and economic
terms," Credit Suisse said in a statement.
The fund produced stable returns for the first four years following its
inception in 2003 but the closure became necessary in the current "absolutely
exceptional" circumstances, Credit Suisse (CS:
credit suisse group sponsored adr
"Target Return was designed to allow investors to achieve a target positive
return over a full market cycle. It was not appropriate to assume that the
strategy would avoid losses in all circumstances," the bank added.
Last month, Credit Suisse delivered a downbeat outlook for the rest of the
year as big losses in trading added to further write-downs on its
leveraged-loan and structured-products businesses. The bank reported a
third-quarter net loss of more than $1 billion.
