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Polish asset manager closes 6 sub-funds after ops hit by executive arrests

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Polish asset manager closes 6 sub-funds after ops hit by executive arrests

Polish asset manager ALTUS Towarzystwo Funduszy Inwestycyjnych SA decided to liquidate six of 10 sub-funds included in its umbrella open-end investment fund, with the value of the affected sub-funds amounting to 128.7 million Polish zlotys, the company said Sept. 7.

Financial settlements with investors will take place after the liquidation of the sub-funds is finalized, with payments to be carried out by March 31, 2020.

The asset manager decided to close the sub-funds due to the increasing number of requests for the redemption of the funds' participation units due to the worsening performance of the sub-funds, as well as negative information that recently emerged about the company, new agency PAP cited Altus as saying.

Altus' two top executives were recently detained by Polish law enforcement authorities over the 2017 sale of the company's debt collection unit to GetBack SA. Shortly after, Norges Bank Investment Management terminated agreements under which Altus and unit Rockbridge TFI managed the company's two investment portfolios worth $482.7 million and $369.9 million, while Polish asset manager Esaliens TFI withdrew from a merger with Altus.

As of Sept. 7, US$1 was equivalent to 3.72 Polish zlotys.