BlueBay Founders Net £42 Million In Share Sale

Feb 23 2010 | 7:20am ET

The founders of BlueBay Asset Management have cashed in some of their stakes in the London-based credit hedge fund shop.

Hugh Willis and Mark Poole each sold 6.5 million shares, earning each £21 million. The sale reduced their combined stake in BlueBay to 17.3%.

The firm said both men would use some of the proceeds to invest in new BlueBay funds, and both have agreed not to sell any additional shares for at least a year.

“The principal purpose of the placing is to enable Mr. Willis and Mr. Poole to continue to make available seed capital for BlueBay fund launches over the coming years,” BlueBay said in a statement.

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