It appears UBS would like you to believe it is acting out of prudence. In a "challenging market environment," the Swiss banking giant has decided to suspend withdrawals from its €400-million Euroinvest real estate fund for as long as three years, Reuters reported this morning.

This, we are told, is for the protection of investors. Liquidity is insufficient, redemption requests are too high, and the responsible thing to do—naturally—is to lock the exits and hope everyone calms down. The bank said:

"In this challenging market environment, UBS Real Estate GmbH ?has taken the decision to suspend redemptions at ?this time to ensure the protection of all ?our investors' interests."

Ah yes, the ole' "protect investors money by not giving it back to them" trick. Well played. And, of course, strip away the corporate tone and the message is simpler. Too many people asked for their money back at the same time, and the fund didn't have it.

The fund is effectively saying that its assets—commercial real estate holdings—cannot be turned into cash quickly enough to meet demand. New investors are no longer welcome and existing investors, meanwhile, are invited to sit tight for up to three years and trust the process.

And then comes the line that really deserves to be preserved for posterity: a "challenging market environment."