Ah, the sweet smell of blackmail. Give us money or your money is gone. AXA no doubt has its veults full with Mortgage backed assets and feels an imminent collapse coming on. In fear of a “Bank run” they have closed up shop and sod the punters.
More than $1 billion has been frozen in mortgage trusts after AXA New Zealand yesterday locked up three of its funds.
AXA said the suspensions were because of confusion over who will be covered by the Government’s deposit guarantee scheme and fears that investors will take money out if it is not guaranteed.
The funds have a combined value of $225 million from about 5000 investors.
Fund managers in Australia have frozen 13 of the country’s 20 largest funds to stop investors pulling their money out and putting it in Government-guaranteed bank deposits.
More than A$20 billion is thought to have been locked in the Australian funds, affecting 100,000 investors.