FRANKFURT (Thomson Financial) - WestLB plans to exit funds of AC Capital Partners to reduce losses due to the US subprime crisis, Der Spiegel reported, citing an insider familiar with the matter.
WestLB has both invested in the funds and provides securities for the funds of AC Capital, which is a Dublin-based subsidiary of the German Pharmacists and Medicines bank Apobank, the report said.
It said AC Capital has invested some 1.3 bln usd in asset-backed funds affected by the subprime crisis.
It said DZ Bank plans to fill in and back Apobank's funds. frederik.richter@thomson.com fr1/wj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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