Tuesday, 30 June 2015
Last updated 0 sec 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…