Guardian Trust freezes $249m

Guardian Trust has frozen $249 million of investors’ funds, involving about 3700 investors, in a bid to ride out the global financial crisis.

A total of 16,700 investors in three big mortgage fund managers have had more than $1 billion in money frozen.

Guardian Trust managing director Sean Carroll said new investments and withdrawals from the mortgage fund had been suspended “to protect investors”.

It was expected that distributions would continue to be paid, but there was no word on when investors would be able to get access to their capital.

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