Standard Life pumps £100m into Sterling fund

Around 97,000 investors were hit when the supposedly safe fund had its unit price reduced by 4.8% on 14 January. The fund, which many have claimed was advertised as a cash fund, was found to be invested in asset-backed securities, many of which contained toxic mortgage debts. Standard Life will restore the value of the fund, putting customers back to the position they were in before last month's reduction. In a statement issued today, Standard Life says: "This decision is a reflection of our belief that many people were not fully aware of the nature of the fund, and that some customer...