AAIM Group, the boutique property fund manager that is backed by a host of wealthy celebrities, including Sir David Frost and Sir Alex Ferguson, Manchester United's manager, has been forced to play down speculation about its future after a key asset management subsidiary went into administration.

AAIM yesterday appointed Grant Thornton as administrator for the subsidiary, AAIM Ltd, now called JCCO 114 Ltd, which managed a number of investment vehicles including a €2bn (£1.7bn) joint venture with Bank of Scotland Corporate.