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AXA freezes mortgage funds

28/10/2008 13:00:02

AXA has frozen three mortgage funds worth $225 million.

The company has suspended withdrawals from its Mortgage Distribution Fund, Mortgage Investment Fund and AXA Investment Portfolio.

Interest.co.nz managing director Bernard Hickey says it is due to uncertainty around the Government's deposit guarantee scheme, which does not cover managed funds.

He says there is fear people will take everything out of mortgage funds and invest in guaranteed banks or finance companies.

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