At the end of January, Credit Suisse Asset Management filed seven insurance claims for compensation in the case of the Greensill funds in liquidation (Supply Chain Finance Funds).
“We are currently in the process of responding and providing additional documentation,” according to the two-veiled bank’s update on Monday, explaining that the claims have not been denied or accepted. Its asset management division has $1.2 billion in exposure across two funds, Credit Suisse (Lux) Supply Chain Finance Fund and Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund.
As of January 31, the cash already distributed and that remaining in the funds was equivalent to 7.3 billion dollars (6.8 billion francs). This sum corresponds to 73% of the assets under management at the time of their suspension. Approximately $145 million has been provisioned for collection costs.
By December, $6.7 billion had been repaid to investors.
/ ATS
