Toscafund halves Stake in key investment Aberdeen Asset Management

October 3rd, 2009
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Toscafund, the activist hedge fund run by Martin Hughes, has sold half of its stake in Aberdeen Asset Management to Japanese bank Mitsubishi. According to an article from the Telegraph, Toscafund’s assets have fallen in half since 2008 and the fund has reportedly begun selling down stakes to meet investor redemption requests.

Aberdeen had become the hedge fund’s largest investment since the initial purchase in March of 2008; in April of 2009 Toscafund revealed that it had trimmed its shares in the firm, and this latest decision to halve its stake in Aberdeen has prompted speculation about renewed pressure from the fund’s investors. Martin Hughes had cited Aberdeen’s potential as a reason for investors to keep their money with Toscafund earlier this year. Following the deal, Mitsubishi became the second-largest shareholder in Aberdeen.

Toscafund is a subsidiary of Old Oak Holdings, a financial service and investment group. Before founding Toscafund, Mr. Hughes was the head of equity research at Credit Lyonnais and a portfolio manager at hedge fund manager Tiger Management.
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For Detailed Investor Profiles on these Investors, click below:
Tiger Global Management
Toscafund
Related People: Chase Coleman; Feroz Dewan; Julian Robertson; Martin Hughes; Neeraj Chandra
Related Entities: Old Oak Holdings; Tiger Global Funds; Tiger Management Corporation; Tiger Technology LP; Toscafund
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles


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