23rd Sep 2015 08:33
LONDON (Alliance News) - Property fund manager First Property Group PLC on Wednesday said it is trading in line with its expectations, even as its funds under management dropped due to the expiry of a contract.
First Property Chairman Alasdair Locke, ahead of the company's annual general meeting, said its aggregate funds under management stood at GBP271.0 million at the end of August, from GBP327.0 million at the end of March, primarily due to the expiry of its fund management deal with the Universities Superannuation Scheme last month.
"The company continues to trade well and in line with expectations," Locke added.
Shares in First Property were down 5.8% to 36.265 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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