The London based investment manager Framlington Group has said that it hopes to continue running its internet-focused Framlington NetNet Inc fund, despite having to sell almost all of its holdings to pay back £41m (€66.1m) in debt.

The fund was launched a year ago at the height of the technology boom, raising £60m in cash and incurring £40m in debt. After recent falls in the markets, especially on Nasdaq, the board was concerned that the fund would not be able to pay its debt liabilities if the market continued falling. It has now had to sell £41m worth of shares to pay off the debt, and only has £7.8m in remaining assets.