FRANKFURT -(Dow Jones)- WestLB Mellon Asset Management, the asset managementjoint venture of German state bank WestLB AG and The Bank of New York MellonCorp. (BK), said Tuesday it is suspending the issuing and redemption of sharesin an asset-backed securities fund.
The Luxembourg-based company said the "WestLB Mellon Compass Fund: ABS Fund",a sub-fund of the WestLB Mellon Compass Fund, will be affected by thesuspension.
The suspension became effective Monday until further notice, the bank said.
"The reason for taking this decision is that the current market situationrenders it impossible to determine a fair net asset value," the bank said addingthat the decision "has been taken in the best interest of the shareholders."
Spokespeople weren't immediately available to comment.
Company Web site: http://wmam.com
-By Ulrike Dauer and Simon Steiner, Dow Jones Newswires; +49 69 29725 500;ulrike.dauer@dowjones.com
(END) Dow Jones Newswires 08-07-07 1009ET Copyright (c) 2007 Dow Jones & Company, Inc.