News Round Up

Guardian winds up fund
Guardian Trust is winding up its Guardian Mortgage Fund, citing the serious situation in the financial market as catalyst.

“This has not been an easy decision, and we aim to working closely with investors to bring about a satisfactory resolution,” managing director Greg Campbell says.

The company says its primary focus will be to preserve investors’ capital and is organising a unit-holder meeting to discuss the move.

In 2008 the company moved to protect the fund when its liquidity dipped below acceptable operating limits. It also restructured the Guardian CashPie Fund to align with eligibility criteria for the Crown Deposit Guarantee Scheme.