CFS hedge funds terminated
Ratings house Standard and Poor’s has withdrawn its ratings from six of Colonial First State’s (CFS’s) fund-of-hedge-fund strategies.
The ratings house announced today that the decision had been reached following an internal strategic review by CFS, which had decided that the funds would be terminated on May 26.
“S&P has withdrawn the ratings on the funds following CFS’s announcement that it will no longer continue to run its fund-of-hedge-fund strategies and that the existing products will be terminated,” S&P fund analyst Simon Scott said.
“The winding-up process will involve the liquidation of the portfolio by the investment manager (Colonial First State Investments Ltd). CFS will no longer process application or withdrawal requests associated with the funds, and will begin to realise fund assets in order to distribute clients’ proportion of the net proceeds back to them,” he said.
AUTHOR
Mike Taylor
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