Brazilian hair-cut

Amid the flurry of exotic property funds listed in London over the last year, Itacare’s $80m IPO in May didn’t seem particularly unusual. But two months later, shares in the Brazilian property development fund have been suspended along with a director of Numis, the sponsoring broker. What’s more, the deal has highlighted an issue for anybody contemplating listing an investment fund: how far is it permissible to go to secure anchor investors? What buyers of Aim-listed Itacare weren’t told was th...