BNP Paribas has restructured two investment funds with $376 million in assets that it had frozen recently, Reuters reports. The Opportunity and Serenity funds, which are invested in a range of hedge funds, are being transferred to BNP unit, Harewood Asset Management, for restructuring and the sale of illiquid assets.
The restructuring process will take about four months and enable investors to potentially cash out of the funds quicker in future. The funds may be reopened around March 2011.
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