Axa Investment Managers Deutschland said on Thursday it had reimposed a ban on withdrawals from its Immoselect fund due to deepening liquidity problems. Since the fund reopened on 28 August after the previous redemption freeze, it has seen net average outflows of EUR 934.9 mln, Axa said.
Axa Investment Managers Deutschland said on Thursday it had reimposed a ban on withdrawals from its Immoselect fund due to deepening liquidity problems. Since the fund reopened on 28 August after the previous redemption freeze, it has seen net average outflows of EUR 934.9 mln, Axa said.
'The changed market circumstances have heightened investors' fears of liquidity constraints and resulted in additional redemption demands, in turn increasing the pressure on the risk management of the fund,' the fund manager said.
A string of funds - including Degi's International and Europa funds - have reinstated bans on withdrawals in recent days to stem further outflows. All cite liquidity problems as a reason for the measure.
