In what could be the biggest ever payday for a public company executive, Fortress Investment Group, the hedge fund manager which floated in New York last year, has given one of its star traders more than $300m (£157m) to stay at the firm, The Independent reports.
Wall Street is agog at the revelation that Adam Levinson, 38, who runs one of the main funds for Fortress, has been handed a giant slug of new shares in the firm, giving him a stake of up to 7% and diluting the power of existing shareholders.
The award comes despite disappointing returns from his global macro fund so far this year, one of the hardest on record for the hedge fund industry. It also comes as Fortress shares languish at their all-time lows, having lost more than two-thirds of their value since they began trading in February 2007.
But Mr Levinson has defended the award, saying he works practically 24 hours a day, putting more than 12 hours in at the office and taking calls through the night. "On a good day, it's a couple of calls overnight," he said in an interview with The Wall Street Journal.
THE HOUSING MARKET ground to a virtual standstill last month as the drought in the mortgage market helped to drive down the number of homes changing hands to levels not seen for four decades, a key survey shows today, according to The Times.
In the latest symptom of dire housing market conditions, the average number of property sales handled by surveyors across the country over the past three months tumbled to only 14.4, or fewer than five a month, according to the Royal Institution of Chartered Surveyors.
RICS blames the near-freeze in housing transactions last month on the scarcity of home loans, with would-be buyers struggling to secure mortgages, and forced to pay significantly more for the loans that can be had.
ROYAL BANK OF Scotland has increased the drive to sell down its leveraged loan portfolio after holding talks with at least three private equity firms over a plan to divest debt worth billions, The Independent also reports.
This comes just days after the British bank revealed it had reduced its loan portfolio by just under £5bn so far this year.
A source close to the bank said it has held negotiations with Apollo, GSO Capital and Blackstone over selling the debt that backed private equity transactions, at a discount to the original value. The source declined to put an exact value on the amount of loans to be sold, but said the speculated $8bn (£4.2bn) "looks a bit high", before adding that the talks were more "good news for the group". RBS declined to comment.IFAonline
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