Panicking 投資家s locked in by Friends

By James Salmon for the Daily Mail
Updated: 11:35 BST, 21 December 2007

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投資家s have been locked into Friends Provident's £1.2bn 商業の 所有物／資産／財産 基金 for six months as panic selling 支配するs the market.

宙返り／暴落するing returns have led to 投資家s 身を引くing £58m from the 基金 in just under three weeks. Losses have been so 厳しい the 会社／堅い has almost run out of money to 支払う／賃金 off 投資家s.

To stop the exodus of cash, Friends Provident has taken the 激烈な move of locking many 投資家s in for up to six months while it sells some of its 所有物／資産／財産.

It caps a difficult year for Friends whose 株 have fallen nearly 30%. Its 失敗 to 安全な・保証する a 合併 with 決意／決議 resulted in the 出発 of 長，指導者 (n)役員／(a)執行力のある Philip Moore last month.

Other 商業の 所有物／資産／財産 基金s have also struggled since the 全世界の credit crunch began. Norwich Union 所有物／資産／財産 and New 星／主役にする UK 所有物／資産／財産 have lost almost a fifth of their value since July and are の中で the worst 成し遂げるing 基金s this year. Others such as M&G and Schroders have 課すd 非常に長い notice periods.

Friends Provident's 基金, which has fallen by 8% since last year, has seen its liquidity level 低迷ing from a healthy 14% in July to just 5% because of the tide of 投資家s taking out cash. A 広報担当者 said: 'In line with many other companies, the 商業の 所有物／資産／財産 market 拒絶する／低下する has led to 重要な and 支えるd 撤退s from Friends Provident 所有物／資産／財産 基金s.

'In these circumstances, and ーするために continue to 会合，会う 支払い（額） 義務s to policyholders, it will become necessary to sell underlying 所有物／資産／財産 投資s 監視者 赤字 in the 基金.' The 会社／堅い says six months will give it enough time to 安全な・保証する a decent price for the 所有物／資産／財産. But it also means 投資家s could be left nursing heavier losses if the 商業の 所有物／資産／財産 se ctor より悪くするs.

It has been a torrid time for 投資家s, with 以前 successful 基金s 地位，任命するing dismal 監視者 tells BSkyB returns over the past six months. The IPD, the 索引 of 商業の 所有物／資産／財産 returns fell 3.6% last month, the biggest 月毎の 落ちる since it began in 1987.

主要な 分析家s 含むing 資本／首都 経済的なs say the 商業の 所有物／資産／財産 低迷 shows no 調印するs of slowing.