Investors trapped in the UBS Wealth Management Global Property fund, which was first gated in December 2008, may have to wait a few more years before they can receive their money back.
The Jersey-domiciled fund was $6 billion (£4.5 billion) in size when trading was suspended. At the time, the bank said it would be closed until the end of 2009 to enable it to keep up with redemption requests.
However, almost nine years on it remains gated.
Wealth Manager understands that clients received a distribution of around 60% of their investment back in May. However, the bank is unable to provide information on when the remainder will be returned.
The underlying commercial properties have now been sold, however, the bank is unable to estimate how long it will take to wind down the fund structure completely – a process it has suggested may take a number of years.
According to press reports, around 107,000 clients from around the world were invested in the fund, alongside staff.
The fund had also been included in a number of UBS’s discretionary models.
One former employee, who has thousands of pounds still invested in the fund, commented: ‘You would have thought that a global wealth manager of UBS’s stature would be able to resolve this issue after eight years. This is abysmal.’
UBS declined to comment.