Tosca Profit Drops Below £10 Million

May 24 2010 | 11:58am ET

Toscafund Asset Management’s profit fell by two-thirds last year, leaving it earning just 6% of what it took in two years ago.

The London-based firm said it earned £9.2 million last year, down from £27 million in 2008 and £158 million in 2007. The fund is still suffering from the losses it suffered in 2008, failing to make up the drawdowns last year, leaving it with vastly reduced performance fees.

The firm did assure that it has “adequate resources to continue for the foreseeable future,” as it has done in the past.

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