The founder of troubled music rights firm Hipgnosis has fallen short of music industry standards when advising the London-listed fund, an external report has found.
Investors in Hipgnosis Songs Fund were left “Livin’ on a Prayer” this week after the music rights fund slashed the value of its portfolio by a third and said dividends would not resume as the trust seeks to cut debt.
More than $78bn (£61bn) has been wiped off the value of Apple after it was fined €1.8bn (£1.6bn) by the European Union for breaking the bloc’s competition laws by favouring its own music streaming service over rivals.