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The music keeps on playing at Hipgnosis

Summary:
Two weeks ago, FT Alphaville took a look at Hipgnosis Songs Fund — a £1bn UK-listed closed-end investment vehicle that has spent the best part of the last three years raising and spending cash to buy song catalogues.Founded and run by Merck Mercuriadis, who once managed names such as Elton John, the business promises to transform songwriting royalties into juicy dividend payments for its investors, uncorrelated with traditional asset classes.The fund has stood out in particular due to the rapid nature of its growth: acquisitions are seemingly announced every week, often with few financial disclosures. This has raised questions about the prices Hipgnosis is paying for the song catalogues, and whether the deals can support the cash flow investors are expecting will line

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