Investors in the fund, which was last worth almost 150 million euros, must expect high losses.
(Photo: DigitalVision/Getty Images)
Zurich, Berlin The German SME bond fund is dissolved. The new status on the website is “In Liquidation”. The planned liquidation took place “against the background of safeguarding investor interests”, as the management company IP Concept, a subsidiary of DZ Privatbank in Luxembourg, informed the investors. The Handelsblatt has received a letter to this effect.
The fund volume of around 150 million euros was invested in high-yield bonds from medium-sized companies. They are now to be sold as part of the liquidation of the portfolio. Martin Flaunet from Deloitte is planned as the liquidator – provided that the responsible Luxembourg financial supervisory authority CSSF agrees.
Among the investors are numerous private investors. Many of them are customers of DZ Privatbank and other cooperative banks. For many investors, Hans-Jürgen Friedrich from the fund adviser KFM Deutsche Mittelstand AG in Düsseldorf was the well-known face of the SME bond fund.
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