Active Asset Management (aAIM), a property firm backed by Sir Alex Ferguson and Sir David Frost amongst others, has gone into administration.
AAim, which invests in commercial properties in Britain and mainland Europe, has been hit by the oncoming recession, and has recently brought in Grant Thornton to act as administrators.
Celebrity investors and advisers include Sir David Frost as chairman of its advisory board and Manchester United manager Sir Alex as a founding shareholder. HBOS is believed to have put £200 million into the fund. Simon Cowell, The X Factor judge, has also been linked with the company. There are fears that the shareholders will lose their investments.
The London-based property company was founded in 2003 by the group chief executive James Elton, a former director of Japanese investment bank Nomura International.
AAim's target investor base is the high net worth individual, pension funds and institutions.
In the UK, the group owns properties such as office spaces, pubs, car dealerships and hotels.
