The country’s most publicly traded fund managing Company Invista Real Estate Management Holdings Plc has decided to sell off the remaining of the assets and payback all the shareholders of the conglomerate. Invista has announced the development following the decision by Lloyds Banking Group Plc to withdraw from the contract it had signed with Invista.
The shares for Invista have seen a slow fall over the past couple of months and the current prices for Invista are at their lowest over the period of the past 20 months. The share prices for Invista fell down to 34.5 pence, a change of
10 percent in London trading.
Currently, Lloyds owns around 55% of the shares of Invista and would terminate the agreement with Invista, which would enable it to control assets worth 2.4 billion pounds from the next October.
Lloyds had earlier in the contract, promised that it would manage the company for five years. However, Lloyds’ new announcement to shift the funds to its own fund-management department has left Invista high and dry.
The name of the fund in which Lloyd’s would be transferring the money is known as the Scottish Widows Investment Partnership, which is also known as SWIP.