Guardian Trust freezes fund while complying with govt scheme

Thursday 6th November 2008

Guardian Trusts froze its $160 million CashPlus Fund to give it time to reshape the offering to comply with the government's deposit guarantee scheme.

The fund, which has about 4,500 investors, was frozen for 35 days, according to a statement. Guardian Trust will separate out the mortgage units into a new fund, leaving only cash in the portfolio, allowing it to qualify for the guarantee.

The mortgage fund would be closed to new investments and the assets sold as soon as market conditions allowed.

By Jonathan Underhill

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