By: omero on Domenica 05 Agosto 2007 20:53
In Francia AXA e Oddo Securities hanno liquidato dei fondi monetari dinamici (Oddo Court Terme Dynamique e AXA Tresorerie Plus) che dopo avere fatto un +0,01% al giorno praticamente tutti i giorni dalla loro apertura da prima del 2000 hanno preso un -4% in qualche giorno.
Non si tratta di hedges funds altamente speculativi ma di fondi monetari dinamici che sono disponibili in tutte le banche e che hanno come obbiettivo di fare un po' meglio dell'eonia (+0,2% , +0,3% all'anno).
E' successo tra il 25/7 e il 31/7, prima della sciacquata di venerdì.
Bisogna pensare che i CDO tossici potrebbero essere ovunque. Almeno settimana prossima dovremmo sapere dove sono.
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PARIS, July 31 (Reuters) - French financial services company Oddo Asset Management said it had closed three funds in the wake of U.S. market turmoil related to problems in the American subprime mortgage market.
Oddo, which manages overall more than 20 billion euros ($27.34 billion) in assets, said in a statement dated July 27 that it had closed its Oddo Cash Titrisation, Oddo Cash Arbitrages and Oddo Court Terme Dynamique funds.
The three funds managed in total around 1 billion euros of assets.
Oddo added it had notified France's AMF stock market watchdog of its decision to close the funds and said it was working to ensure that customers could recoup some of their investments.
Concerns over the U.S. subprime mortgage sector, where banks lend money to borrowers with poor credit histories, have led to sharp swings in prices for credit derivatives and stock market falls over the past month.
The fallout has shown signs of spreading beyond the U.S. financial sector. Earlier this year, French bank Natixis (CNAT.PA: Quote, Profile, Research) revealed an exposure to the subprime sector while last week shares in French insurer AXA (AXAF.PA: Quote, Profile, Research) fell on concerns over its exposure.
AXA's investment management arm has taken steps to ensure that two of its funds with exposure to the subprime sector -- AXA World Fund U.S. Libor Plus and AXA IM fixed income strategies U.S. Libor Plus -- still have sufficient liquidity.