Plenty of bats in this particular Belfry

Investors in AIB’s Belfry commercial property funds are learning the hard way that highly geared funds can generate spectacular losses in a downturn

31st October, 2009

Many investors will be ruing the day they backed AIB’s Belfry commercial property funds in Britain, judging by the appalling performance of several of the funds which recently filed their accounts.

The first Belfry fund was established in 2001,with a new fund set up every year until 2007. At the time that he was trying to drum up interest in AIB’s sixth Belfry fund in 2007, John Rockett, AIB’s then head of private...

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