Unit holders in Kanan's US-grundinvest fund which has been virtually wound down can expect cumulative and largely tax-free returns on their investment of 48.8% during the entire nine-year term of the fund, Kanam said on Tuesday.
Unit holders in Kanan's US-grundinvest fund which has been virtually wound down can expect cumulative and largely tax-free returns on their investment of 48.8% during the entire nine-year term of the fund, Kanam said on Tuesday.
The German fund manager said unit holders would receive a 'final balance' statement regarding their investment within the next few days. Over a period of six years, US-grundinvest delivered cumulative returns of 23.5%, while the result for the final year of the fund amounted to 23.9%. Kanam said that based on these calculations, most unit holders will have made money on their initial investment.
Kanam's management mandate for US-grundinvest - the only dollar-denominated German open-ended fund - ended on 31 March 2012 after a period of nine years. Since then private bank M.M. Warburg & Co has supervised the liquidation and payment proceedings.
Kanam US-grundinvest fund invested in US real estate and had built up a portfolio of 17 properties by the time investors opted to liquidate the vehicle and redeem their units in September 2010.
