Tuesday, 28 March 2017
Last updated 24 min ago
Oct 20 2010 | 2:40am ET
The founders of BlueBay Asset Management are poised to enjoy their second eight-figure payday of the year following the sale of their firm to the Royal Bank of Canada.
Hugh Willis and Mark Poole, who own a combined 17.3% stake in the London-based hedge fund, will get US$65 million apiece as part of the RBC deal, the London Evening Standard reports. BlueBay, which manages US$40 billion, agreed to be acquired by RBC this week for more than US$1.5 billion.
In February, Willis and Poole netted £21 million each selling a combined 13 million shares.
RBC’s agreement calls for the bank to pay £4.85 per share for BlueBay, a 30% premium to the firm’s closing share price on Friday.