The French management boutique announced the suspension of a fund following valuation problems. Exane Integrale, which has more than 120 million euros in assets, follows a strategy similar to hedge funds based on equity derivatives.
The sudden fluctuations in the financial markets made a first victim among French managers. Exane AM announced on its website on Wednesday the freezing of one of its funds, Exane Integrale Fund. Volatility in financial markets “Causes very strong liquidity stress which either freezes transactions or widens the ranges on many asset classes in unknown proportions”, explains the management company. Failing to be able to reliably value its assets, the store therefore decided to freeze its fund on March 17.
The fund posted a loss of more than 28% between March 1 and March 13, the latest date for which a valuation of its assets was published. As of this date, Exane Integrale Fund had a little more than 120 million euros in assets, against nearly 190 million at the end of 2019.