December 13, 2008
Swiss bank UBS said on Friday it had frozen a $6 billion real estate fund as it could not keep up with redemption requests from wealth management clients.
The Jersey-based UBS Wealth Management Global Property Fund will be closed until the end of 2009. “Due to the strained liquidity situation in the market as a whole and the longer process for selling real estate, the fund can no longer handle all redemption requests without forcing remaining investors to suffer losses from emergency sales,” a spokeswoman for UBS said, confirming a report in Swiss newspaper Neue Zuercher Zeitung.
