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發表於 2007-9-5 14:51:29
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Mon Sep 3, 2007 8:56AM BST
Credit fund Synapse Investment Management closed its high-grade asset-backed securities fund in August due to "severe illiquidity" in the market, the fund said on its Web site.
The fund was launched in April of this year, with a strategy of leveraged investing in highly rated asset-backed securities. It was targeting a return of Euribor plus 3 percentage points after all fees.
"There was no exposure to U.S. subprime, CDOs (collateralised debt obligations) of ABS, or any other securities whose collateral has recently experienced any underperformance," Synapse said on its Web site.
Turmoil from the U.S. subprime mortgage crisis has led to illiquidity throughout the ABS market, including in Europe, as investors have shunned complex securities. A number of ABS funds have closed as a result, and leveraged players such as structured investment vehicles or SIV-lites have faced problems.
Synapse also runs a fund focused on bank capital securities and a long/short credit fund. As of August 1 it had just over 500 million euros (338 million pounds) of assets under management across the three funds, according to its Web site |
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