Swiss Life to discontinue over-the-counter trading for European funds
The fund management company is planning to convert the Swiss Life REF (CH) ESG European Properties to a NAV-based fund. This would mean that over-the-counter trading would be stopped in a few months.
As at April, the real estate fund had total fund assets of around EUR 767 million. The portfolio consists of 20 core properties of various types of use in nine countries. The function of market maker has been performed by Lienhardt & Partner Privatbank Zürich AG since August 1, 2022, according to Swiss Life. It provides the bid/ask prices.
However, over-the-counter ("OTC") trading of fund units "did not meet the expectations of the fund management company", according to a statement. Subject to approval from FINMA, OTC trading will therefore be discontinued by the end of September 2023 at the latest. (aw)
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