December 5, 2008

Celebrity property fund goes bust

Just where do celebrities put their cash? Well in the case of many of them, the best option always seemed to be property as this would be an ideal vehicle to put money in when they are earning and produce a decent income when it is time to retire well that is the plan.

This notion has spawned some interesting businesses being set up to cater for these high earning celebrities, such as Active Asset Management (aAIM) this form was set up by James Elton a former director of Japanese investment bank Nomura International.

However, it has all gone wrong for founding investors Sir Alex Ferguson and Sir David Frost as aAIM has now gone into administration, due to the current financial crisis, which has hit the property market in a big way. Other celebrities include in someone called Simon Cowell, although this has not been confirmed.

Source [Business Sale]