Office closures: Legal & General Ventures, Allied Capital

Legal & General Ventures, the venture arm of Legal & General, has closed its German office after the firm recorded two years without investments in the market. The company remains pessimistic and does not intend to come back for the next three to four years as, once the market picks up, there will be stiff competition that is expected to push prices up.

Allied Capital is currently closing down its German operations in Frankfurt. The office has been reduced to its managing director Bernd Schneider who is currently overseeing the investors portfolio. The firm expects to finally close the office within the next two months.com

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