UK fund manager Schroders has started to sell large chunks of its $340m (£292m) stake in German property firm Adler Group SA at lower prices, a Bloomberg News report said yesterday. Schroders has reduced its holding in Adler by around $23m in June, the report added. The fund manager reported a fall in its assets under management last week hurt by its underfire liability driven investment business. Adler, one of Germany's biggest real estate companies, remains shut out of banking and capital markets pending completion of the audits launched in response to allegations by short seller Fraser Perring's Viceroy Research last year that the company's balance sheet had been artificially inflated.

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