Hipgnosis admits to overcharging customers after inflating its value

Embattled investment trust Hipgnosis Songs Fund has reduced its estimated operative net asset value (NAV) by 7.6 per cent after admitting it had mistakenly double counted accrued revenue. The error inflated the trust’s operative NAV from $1.995bn to $2.103bn, and the trust’s board has laid the blame for the mistake at the feet of the [...]