Business Services Industry
New Blow for Investors as Britain's Aberdeen Fund Fails.
Knight Ridder/Tribune Business News, September, 2002
By Robert Miller, Daily Mail, London Knight Ridder/Tribune Business News
Sep. 26--Shell-shocked investors in split capital investment trusts suffered another blow when Aberdeen Preferred Income trust slumped into receivership with UKpound 50 million of debt.
It is the 17th split trust to have its shares suspended this year and the fifth to go bust.
At least 50,000 investors, many of them parents planning ahead for school fees and elderly people seeking income, bought into split-level trusts at the height of the bull market.
Some trusts were in a "magic circle" of funds which invested in each other. In total, "splits," which offer investors at least two types of share u one for income, one for capital growth u are valued at...
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