Credit Suisse Asset Management suspends supply chain finance funds

[March 01, 2021]  (Reuters) - Credit Suisse Asset Management said on Monday that it has suspended redemptions from its multi-billion dollar supply chain finance funds.

In a note to investors, the asset manager said that "a certain part of the subfunds' assets is currently subject to considerable uncertainties with respect to their accurate valuation", and that as a result it had taken the decision to suspend them.

London-based Greensill Capital helps manage the supply chain finance funds, originating and processing the credits which go into the funds and helping to secure buyers of bonds.

Greensill is part-owned by the SoftBank Vision Fund, part of Japan's Softbank Group.

The Wall Street Journal on Monday reported the Swiss lender was trying to reduce its exposure to supply chain finance firm Greensill Capital.

Greensill and Credit Suisse were not immediately available for comment.

(Reporting by Rachel Armstrong, Silke Koltrowitz and Tom Bergin, Editing by Iain Withers and Louise Heavens)

[© 2021 Thomson Reuters. All rights reserved.]

Copyright 2021 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.