Invista Real Estate Investment Management shares have fallen 9% this morning after the group announced plans to wind-up after losing £2.4bn of HBOS mandates.
The specialist property manager was told yesterday its contracts to run HBOS funds, which generated £5.3m of revenue in the six months to 30 June, was being terminated in October 2011. Invista, which has £5.4bn of assets under management, was formerly wholly owned by HBOS, which is now part of the Lloyds Banking Group. Following the loss of the mandate, the group believes the best course of action for clients and shareholders is an orderly wind-up. "During the course of discussions in relation to the HBOS Contracts, the Board of Invista has been reviewing its strategic options in t...
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