Invista Real Estate Investment Management (REIM), which is in the process of winding up, has announced that it has lost a contract to manage £272 mln (EUR 313 mln) of residential assets.
Invista Real Estate Investment Management (REIM), which is in the process of winding up, has announced that it has lost a contract to manage £272 mln (EUR 313 mln) of residential assets.
In a statement last Friday, Invista said it had received formal notice of termination of the contract from Northern Trust Fiduciary Services (Guernsey) and Arnold Limited.
In mid-October, Invista said that it is to sell all its assets and return the proceeds to its shareholders. The move follows the decision by Lloyd Banking Group to transfer a £2.4 bn (EUR 2.7 bn) fund management contract from Invista to Scottish Widows Investment Partnership (SWIP).
SWIP is the investment asset manager for Lloyds TSB. Lloyds owns 55% of Invista.
Invista has managed funds on behalf of HBOS, and more recently Lloyds following its acquisition of HBOS, since Invista demerged from HBOS and listed on London's junior AIM market in 2006.
At end-June 2010, Invista had £5.4 bn (EUR 6.2 bn) of assets under management which generated a total annual revenue £13.7 mln. Of this the HBOS funds contributed £2.4 bn of assets under management and £5.3 mln of revenue.
