Colonial first State, the wealth management arm of commonwealth Bank, has frozen daily withdrawals of funds that worth from 3.3 billion and above that have significant investments in mortgages.
The funds sector estimates up to $12 billion of funds have been frozen to stem a flight of cash to government guaranteed financial institutions.
But Morningstar, a financial ratings agency, said before Colonial's move that about $21 billion had been frozen in mortgage and other investment funds.
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