Investors in troubled wine hedge fund Nobles Crus have seen their money frozen—by Luxembourg's financial regulator.
The Commission de Surveillance de Secteur Financier has "temporarily suspended all redemptions and subscriptions" at Nobles Crus, which is listed in the Grand Duchy. The move comes after fund manager Elite Advisors said it was unable to meet "considerable" redemptions.
"Nobles Crus now finds itself confronted with a few requests from some large institutional investors for redemptions involving considerable sums of money," Elite's Miriam Wilson and Michel Tamisier wrote. "Currently, Nobles Crus does not have the necessary liquidity to honor these requests."
Elite is in talks with the CSSF, the Financial Times reports.
Nobles Crus has €91 million in assets, although its valuations have been called into question.