(Reuters) – Credit Suisse Asset Management said on Monday that it has suspended redemptions from its supply chain finance funds.
In a note to investors, the asset manager said that “a certain part of the subfunds’ assets is currently subject to considerable uncertainties with respect to their accurate valuation”, and that as a result it had taken the decision to suspend them.
The announcement came hours after the Wall Street Journal reported the Swiss lender was trying to reduce its exposure to supply chain finance firm Greensill Capital.
Credit Suisse had sourced supply chain finance notes for several of its supply chain finance funds exclusively from Greensill, but terminated that agreement last year.
(Reporting by Rachel Armstrong, Editing by Iain Withers)
