Estate agent Connells invests in fund management group

Estate agent Connells has snapped up a stake in property authorised investment fund (PAIF) provider Hearthstone ahead of the launch of its first fund.

Connells, which also provides property services to consumers, has acquired 25% of Hearthstone for £2m, in a deal which will also see its chief executive David Livesey join the board of Hearthstone. Connells has backed Hearthstone ahead of the launch of its first PAIF, focused on residential property. Christopher Down, founder and chief executive of Hearthstone, said: "At over £4trn, residential property is the largest asset class in the UK - significantly more than UK equities and commercial property combined. "Despite this, there have been no authorised funds in the sector, and mo...