Sir Alex hit by £3bn property investment collapse - papers

Active Asset Management (aAIM), which is backed by HBOS and chaired by Sir David, spent billions of pounds on properties in the UK and Europe last year before prices plummeted. It is feared that shareholders will lose all their investments. Chartered accountants Grant Thornton has been appointed as administrators by a court. HBOS, which had invested £200m in the company and held a 20pc stake, refused to comment. Sir Alex, the Manchester United manager, was still listed as a founder shareholder on the company's website this morning. NOMURA, THE JAPANESE SECURITIES giant, will cut up to...