Suncorp has decided to "temporarily suspend" redemption of two managed funds, the Conservative fund and Income fund, the
Courier Mail reported. The suspension affects about 3000 customers.
The suspensions may be the first suspension of redemptions on managed funds in several months. A wave of redemption suspensions were announced in October and November 2008 across a range of cash, cash plus, income and mortgage funds.
The funds fell by 25 per cent and 8 per cent respectively between September 2008 and March 2009, to a value of $97 million, the newspaper reported.
A spokesman for the bank and fund manager told the newspaper that a higher number of withdrawals "impacts on the ability to pay income from those funds."