The new InvestmentNews.com

We've redesigned our site to make it easier for you to get more of the news and information financial advisers need most

Read more »

Short of funds, UBS freezes real estate fund

By Andrew Coen

December 12, 2008 2:04 pm ET

UBS AG announced today it has frozen one of its real estate funds until the end of next year, due to an inability to keep up with redemption requests from wealth management clients.

Advertisment



Investors will be unable to withdraw funds from the UBS Wealth Management Global Property Fund Ltd. until the end of 2009, according to a spokeswoman for the Zurich, Switzerland-based bank.

“We closed the fund temporarily for the protection of the investor,” she said.

The $6 billion fund accounts for between 2% and 7% of UBS’s managed client assets, according to the spokeswoman.

UBS suffered $41.8 billion in net new money outflows during the third quarter.

Comments