Credit Suisse Asset Management is extending a ban on withdrawals from its EUR 6.5 bn German open-ended fund CS Euroreal for an additional nine months as it fears a new massive wave of redemptions from investors. CS Euroreal is the first of several open-ended funds which halted redemptions in October to announce it will not lift the three-month ban running to end-January.
Credit Suisse Asset Management is extending a ban on withdrawals from its EUR 6.5 bn German open-ended fund CS Euroreal for an additional nine months as it fears a new massive wave of redemptions from investors. CS Euroreal is the first of several open-ended funds which halted redemptions in October to announce it will not lift the three-month ban running to end-January.
Twelve German-ended funds, including Morgan Stanley's P2 Value fund, Degi Deutsche Gesellschaft für Immobilienfonds' Europe and International funds, SEB Immoinvest and AXA Immoselect, banned redemptions at end-October, citing market turbulence and runs on other funds for the temporary freezes. According to figures provided by the German fund organisation BVI, net outflows from German open-ended funds in the month of October totalled EUR 5.1 bn.
