Sunday, January 20, 2008

Norwich Union tipped as next to impose freeze

Savers hit by new property fund plunge

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.

Posted by damian @ 11:29 AM (665 views)
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One thought on “Norwich Union tipped as next to impose freeze

  • No queues or dramatic eye-catching headlines but this whole industry looks smells and walks like a lame duck.

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