Real Estate Opportunities (REO) has pledged to fight Aberdeen Asset Management in court in a row over more than £165m of losses.
REO said it held Aberdeen responsible for the losses and would take “appropriate steps” to seek recovery of a substantial proportion of the losses.
Aberdeen said it would “vigorously defend its position” and it would continue to push for payment of fees and damages for what it regards as wrongful termination of a management contract.
REO is replacing Aberdeen with Invesco Perpetual as manager of the trust’s assets and it has withheld about £8m in management fees.
References: Financial Times 04/04/03 page 20, page 42 (Markets – London), The Times 04/04/03 page 25, page 26 (Need to know), The Daily Telegraph 04/04/03 page 31, page 36 (City Comment), The Independent 04/04/03
