Fund manager bidding to run troubled landlord Home REIT told it’s ‘crazy’: Edinburgh-based RM Funds is lobbying to become its investment adviser
A fund manager bidding to run troubled landlord Home REIT has been told he’s “crazy.”
Edinburgh-based RM Funds is lobbying to become its investment adviser and has promised shareholders it will invest in the group and cut fees.
It comes after previous consultant, Alvarium, cut ties with the company after it became embroiled in a series of crises, including legal disputes with tenants, an investigation into the accounts and an investigation into bribery allegations.
‘Mad’: Edinburgh-based RM Funds is lobbying to become Home REIT’s investment advisor
A source at RM said many in the city had looked at the proposal in amazement.
“Companies in which our fund invests ask us if we are crazy,” they said. ‘A fair question, there is a lot of negative news and it comes out almost every week.’
RM is one of six firms seeking to become consultants.
Home REIT is separately facing a potential bid from Blue Star Group, whose director Benoit Gotlieb has ties to Alvarium.