Sunday, January 20, 2008
Norwich Union tipped as next to impose freeze
The panic in commercial property funds is likely to intensify this week, as financial advisers are tipping Norwich Union to be the next asset manager to put a freeze on withdrawals by small savers. Founder John Duffield, who owns 12.5 per cent of the company, said he had personally lost £100m in the past six months. He added that he is gloomy about prospects for the stock market and thinks London and Wall Street could drop 10 per cent between now and June. 'We are not even all the way into the woods, let alone out of them,' he said.