After suffering a flight of customers in recent days, the resource manager Infinity Asset announced this week the closing of three investment funds in fixed income for redemptions and investments.
In December 2022, the company was dismissed from the membership of Anbima (Brazilian Association of Financial and Capital Market Entities) following accusations of infractions and non-compliance with self-regulation.
However, in a relevant fact released this week, Infinity attributes the “sudden and atypical increase” in shareholder withdrawals to a report published on a news portal specializing in investments. According to the manager, redemption requests occurred the day after the disclosure of the content, which spoke about the exclusion of the company from Anbima.
“Unfortunately, by stating that ‘the main fund melts 59%’ and reaffirming that ‘the fund’s equity has melted 59%’, the article ended up mistakenly implying that there was an abrupt devaluation of the Fund’s portfolio assets, causing enormous misinformation to the Fund’s shareholders,” says the statement.
The first fund was closed on Tuesday (7). Called Infinity Select, the fixed income fund was considered the manager’s flagship, but saw its equity drop to R$280 million, after R$430 million in withdrawals in just over a month.
The following day (8), Infinity announced the closure of the second fund, Infinity Lotus, which had BRL 146 million in December, but suffered BRL 50 million in withdrawals.
On Thursday (9), the company announced the closure of a third fund. Infinity Tiger, which had more than R$138 million at the beginning of December, had almost half its equity.
With the closure, customers of closed funds will have to wait to move money. Infinity says that shareholders can obtain information via email: [email protected] or telephone (21) 3500-4507.
According to the statement, the closing of funds for redemptions and investments by the administrator aims to preserve the investor.
“Due to the negotiability of assets comprising the Fund’s portfolio, there is a need to carry out assessments, depending on the number of redemptions received, so that they can be adjusted without causing any type of loss to investors”, says the text.
Regarding Anbima’s dismissal, the manager pondered that, since June 2021, the association has been disclosing the existence of the process and the lawsuit that is being processed in secrecy of justice, adding that the company is pleading the “guarantee of its full exercise of the contradictory and full defense within the scope of said investigation”.
“It is important to clarify that Anbima’s decision does not in any way alter the normal functioning of the funds managed by us, as well as the due market risk controls, liquidity and management method. Infinity Asset remains complying in all its acts the guidelines contained in the best practices manuals and respecting the Anbima Codes”, he said.
According to the lawsuit document, Infinty was penalized for making investments in violation of the limits set out in the regulations; failing in the process of monitoring the credit risks of operations; failing to manage potential conflicts of interest; act in situations of potential conflict of interest; and not avoiding practices that could harm the management of third-party resources.
The decision to withdraw from membership was unanimously taken by the self-regulation entity.
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