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Guinness Flight fund falls short at just £3m

Guinness Flight Hambro may be forced to bail out its emerging currency fund after taking just £3m since its launch last December.

The launch period ends on February 27 but the fund is likely to remain short of manager John Stopford&#39s target of £70m.

The fund is struggling to reach even £7m, the minimum level that Stopford believes is needed to run the fund.

Guinness Flight has five other funds which can invest in emerging currencies. This could allow it to inject about £20m into the ailing fund.

Stopford says: "We are hoping to raise £5m to £10m by the end of the month and see how it goes from there."

Guinness Flight believes the Asian currency crisis has unnerved investors. The fund is a sub-fund of Guinness Flight&#39s global strategy fund, an umbrella vehicle based in Guernsey.

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