Manchester United's fans, in the form of the admirable Shareholders United group, plan to establish a leveraged investment trust to buy shares in the football club with cash borrowed from Japanese investment bank Nomura.

Daniel Godfrey, director general of the Association of Investment Trust Companies, apologised yesterday to his members for his handling of the split capital trust debacle.

Exeter Fund Manager, which was at the centre of the split capital investment trust scandal, went bust yesterday leaving hundreds of angry investors to appeal for compensation from the City compensation scheme.

David Thomas, a City financier regarded as an architect of the controversial split capital investment trust schemes, has been granted the right to a public appeal over a decision by the Financial Services Authority to stop him working in the City.

Proposed new unit trust-style "property investment funds" outlined in the Budget should make it easier and less risky for smaller investors to put their money into bricks and mortar, commentators said.