Redemption restrictions were lifted for funds managed by CADIEM and Puente AFPISA, following BASA and BNB. As of November 6, two ueno AFPISA funds remained restricted. The lifting of a restriction does not establish that an individual redemption has already been paid. Reported supervisory decision.
Where is the money?
A mutual fund has assets legally separated from those of its manager and the bank in which it invests. A temporary suspension does not itself mean liquidation or total loss. The aim was to ensure consistent asset values and equal treatment. BCP supervisory circular.
When will I receive payment?
Ask the fund manager in writing for the status of the redemption, applicable unit price, valuation date, net amount and estimated settlement date. A resumption announcement is not proof of a bank credit. No reopening date should be assumed for the two funds still subject to restrictions.
What is my investment worth? Could I have lost money?
Resolution SV.SG. 0016/2026 requires financial and subordinated bonds issued by ueno bank to be marked at zero. Deposits are recognized up to the relevant deposit-guarantee limit and the excess is provisionally valued at zero pending the resolution mechanism. Amounts subsequently recovered can be recognized. These rules concern specific assets; they do not prove that every investor has lost all their capital. Official valuation rules.
Who is responsible for a loss?
Credit and market risks must be distinguished from a potential breach of the manager's duties. A change in net asset value does not automatically prove negligence. Investors should check the fund regulations, holdings, concentration limits, disclosure and unit-price calculations.
What about CADIEM's 40% redemption demand?
CADIEM reported requests amounting to about 40% of approximately USD 400 million under management. This represents redemption requests, not confirmed losses of 40%. Meeting those requests depends on available liquidity and the orderly sale of assets.
How to complain
- Request a written explanation from the manager covering valuation, redemption status and payment dates.
- Keep your agreement, fund rules, statements, redemption request and correspondence.
- If information is insufficient, submit a documented inquiry to the BCP Securities Superintendency at mesiv@bcp.gov.py.
- Seek qualified legal advice if you suspect misconduct or specific damage.
Radar Analysis
Restoring confidence requires more than lifting restrictions: investors need understandable unit prices, verifiable payment dates and transparent communication on possible losses and recoveries.
Conceptual illustration; not an indication of actual returns.
