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Colonial First State, one of the country’s largest fund managers, yesterday joined the growing ranks of fund managers freezing withdrawals.
Colonial said “the sudden actions of other fund managers” had had a “roll on effect” for its funds, causing an increased level of redemptions.
The move by Colonial came as industry members met to discuss options for the mortgage trust sector which is suffering as a result of its exclusion from the government’s deposit guarantee scheme.
One suggestion tabled at yesterday’s meeting was that the government could buy mortgages from the sector, similar to its purchases of RMBS from banks, The Australian Financial Review reported today.
Published: 28-10-08
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