Saturday, 1 October 2016
Last updated 20 hours ago
Dec 23 2011 | 9:58am ET
BBVA Asset Management will shutter Spain's first hedge fund, which has suffered crippling redemptions in recent months.
Investors redeemed more than 95% of BBVA Codespa Microfinanzas' assets in November alone, leaving the fund with just €24 million in assets and 29 investors, BBVA said. At the beginning of the year, Codespa managed about €680 million.
BBVA said market conditions, lack of demand and the precipitous decline in assets were behind the decision to shut the fund, which has suspended redemptions for the duration of its liquidation.
Codespa was launched in 2006. It invests in unlisted microfinance in the Dominican Republic, Nicaragua and Peru.