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More mortgage and property funds freeze redemptions

More property and mortgage related funds have suspended redemptions amid the financial services industry’s efforts to gain some further accommodation from the Federal Government around the bank guarantee.

APN Funds Management today joined Colonial First State in announcing temporary suspensions to redemptions.

Colonial First State announced that it had suspended applications, daily withdrawals and switches relating to funds with significant investments in mortgages stating that the funds affected were the Colonial First State Wholesale Income Fund, FirstChoice Wholesale Income option, FirstChoice Income option, Management Investment Funds – Mortgage Income Fund, Bricks and Mortar Fund, Guaranteed Mortgage Fund and the Rollover and Superannuation Fund – Mortgage option.

For its part, APN Funds Management said that it had been forced to action after a spike in redemption requests threatened to undermine the liquidity of the APN Property for Income Fund, APN Property for Income Fund No 2, and the APN International Property for Income Fund.

Money Management
by Staff and Writers
27th October 2008

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