Current news for this fund:
Frankfurt Trust - Asset-Backed Securities Fund
Count of distinct funds: 1
Frankfurt manages funds for Germany's BHF-Bank, and stopped withdrawals from a fund after clients removed 20 percent of their money since the end of July amid concern about the U.S. subprime loan implosion. While this is technically a mutual fund, we're unclear on if leverage was used, and are keeping an eye on it (it's even worse if this stuff is surfacing in mutual funds).
More from the Bloomberg article:
The FT ABS-Plus fund, which includes residential mortgage- backed securities and collateralized debt obligations, halted redemptions on Aug. 3, the Frankfurt-based company said today. The 160 million-euro ($221 million) fund has a ``small exposure'' to subprime investments, spokesman Holger Ullrich said.
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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.