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Wednesday, August 1, 2007

Oddo to Shut Three Funds `Caught Out' by Credit Rout

" Oddo & Cie, a French stockbroker and money manager, plans to close three funds totaling 1 billion euros ($1.37 billion), citing the "unprecedented'' crisis in the U.S. asset-backed securities market.

Oddo said it will wind down the funds within the "shortest possible time frame'' because of a plunge in prices for collateralized debt obligations, notes backed by other bonds, loans and their derivatives. "

Source: Oddo to Shut Three Funds `Caught Out' by Credit Rout (Update2) (http://www.bloomberg.com/apps/news?pid=20601010&sid=an06StEp.bjo&refer=news)