Henderson Global Investors and a number of wealth firms have taken a hit from the demise of HMV.
The music retailer plunged into administration and put 4,000 jobs at risk after last ditch talks to save the firm failed.
The news comes after the firm warned before Christmas if faced material uncertainties and it was locked in talks with its lenders over its banking covenants.
In a statement issued last night the HMV said: ‘The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect.
'The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.'
The news impacts Henderson Global Investors, which until recently was the biggest investor in HMV with a 12% stake.
According to an Argus Vickers' shareholder register dated 14 November, Adam McConkey and Harmesh Suniara’s Henderson Fledgling Trust owned around 30.5 million shares in the firm equating to a 7% interest.
The pair has since been selling down its holding, which Henderson confirmed is now around two thirds lower at 10 million shares, or 0.13% of the fund.
Meanwhile the Henderson Cautious Managed fund, run by Chris Burvill, John Pattullo and Jenna Barnard, owned around 2.9 million shares accounting for a little less than 0.7% and 0.01% of its equity component.
Henderson also owned 18.4 million contracts for difference representing a 4.3% stake on 14 November, which it has sold over the last few weeks.
There were also several wealth management firms with interests in HMV at 14 November, which were likely to be mainly held on behalf of execution only clients.
These included HSBC Wealth Management, Brewin Dolphin Barclays Private Bank, JM Finn and Cheviot, which owned 3.51%, 1.78%, 0.7%, 0.58% and 0.57% respectively.