View more on these topics

3i announces £47m Bestinvest writedown

Private equity firm 3i has revealed a £47m writedown on its Bestinvest investment.

The group revealed the fall as part of its annual results, with the group also announcing a £732m underwritten rights issue.

3i highlighted recent investment buyouts such as Bestinvest as the main factor behind the soaring rise in loan impairments, with the firm unveiling a total of £848m in 2009, compared to £38m in 2008. Impairments to loans as a result of earnings based valuations were £620m.

Bestinvest has undergone a huge turnover of staff since its purchase by 3i in 2007 for an undisclosed sum.

Bestinvest refused to comment.


F&C Commercial Property Trust to continue

Shareholders in the 584m F&C Commercial Property Trust have voted against winding up the vehicle. In an extraordinary general meeting held last Friday 94.5% of investors (79.7% excluding F&C votes and Friends Provident, which owns half the company) voted for the continuation of the company. The vote was triggered because the trust had traded at […]

Gartmore appoints head of high yield

Kam Tugnait is joining Gartmore as head of high yield with responsibility for the High Yield Corporate Bond fund. He will run the £130.7m fund with Simon Surtees, although the group has not yet decided who will be the named lead manager. Surtees previously managed the fund with Karl Bergqwist, the co-head of the fixed […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm