Co-op Bank's biggest hedge fund investor sells almost entire stake

clock

Aurelius Capital, the largest hedge fund investor in the Co-op Bank, has sold down almost its entire stake to rival Perry Capital.

Aurelius was a key player in the negotiations which eventually culminated in the bank's abandoning of its mutual structure as it plugged a £1.5bn black hole last month. However, the hedge fund decided to sell its bond holdings due to the better-than-expected performance of the debt subsequent to that agreement, according to the FT. Perry Capital is now locked in to the restructuring under current terms, and will also support a legally-binding agreement to back the Co-op's ethical policies, according to the paper. Last month the Co-op agreed to hand investors in its lower tier two b...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

David Coombs: How to stop the exodus to Uncle Sam

David Coombs: How to stop the exodus to Uncle Sam

What's needed to stem the flow of UK companies rushing to list abroad?

David Coombs
clock 16 May 2024 • 3 min read
Infrastructure spend could help push growth despite bleak outlook

Infrastructure spend could help push growth despite bleak outlook

'One of the things that will drive the background music is inflation'

Hope Coumbe
clock 15 May 2024 • 1 min read
Future of Investment Festival: Three weeks left to secure a spot!

Future of Investment Festival: Three weeks left to secure a spot!

Targeted at sustainable, forward-thinking finance professionals

Professional Adviser
clock 15 May 2024 • 1 min read