Tuesday, Dec 11, 2007
Managers behind technology funds seduced investors at exactly the wrong moment in 2000, property funds seem to have been guilty of the same "unfortunate" timing in 2006 and 2007.
The Times: Property being shaken to the foundations
Property funds are shaping up as the next big asset class to trip up small investors, tarnish the reputation of the investment industry and challenge regulators. Just as the managers behind technology funds seduced investors at exactly the wrong moment in 2000, property funds seem to have been guilty of the same unfortunate timing in 2006 and 2007.
The losses from office blocks and shopping centres are never going to be anything like as extreme as the wipe-outs from dot-coms but on paper investors who bought at the top are already looking at ugly losses that could get uglier. New Star Asset Management has just wiped £150 million from the value of its £1.7 billion UK Property unit trust, a second big devaluation. Its units have sunk by 18 per cent since July.
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