(15 December 2009 – Europe) Thousands of UBS clients are still reeling after receiving a letter from Switzerland’s biggest bank announcing the liquidation of a property investment fund worth billions of dollars.The bank wrote in a letter to investors, according to excerpts quoted in Swiss newspaper SonntagsZeitung, that the bank ‘understands’ the investors disappointment.
The shut down of the fund has also affected thousand of private clients as well as institutional investors.
The fund called the Global Property Fund was launched in 2004 and went on to invest in properties in locations including the United States, Britain, France, Germany and Japan.
The closure could further destroy the banks ailing reputation after customers withdrew 91.1 billion francs (A$97 billion) in assets and funds over the first nine months of 2009.