Pyne Gould's Perpetual freezes mortgage fund due to run on cash

Wed, 11 Jul 2012

By Paul McBeth July 12 (BusinessDesk) - Pyne Gould's Perpetual Trust has frozen its $56.2 million mortgage fund after a surged in investors seeking to pull their cash out amid increased scrutiny of the firm's related party loans. Perpetual has put the fund in a moratorium where it will continue to accrue interest, but won't be able to accept new investments, nor pay withdrawals or distributions to unit-holdings, the wealth manager said in a statement. The firm took the move after receiving redemption applications worth some $6.1 million, or 1...

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