Monday, 1 September 2014
Last updated 3 days ago
Oct 28 2013 | 11:59am ET
The two hedge funds that have stripped Co-operative Group of its control over its bank are promising that the company's ethos will not change as a result.
Aurelius Capital Management and Silver Point Capital, which are providing £1 billion in cash to the Co-op Bank in exchange for Co-op Group's agreement to cut its stake to 30%, moved to assuage concerns that even bigger changes were afoot for the formerly mutually-owned bank.
Co-op Bank is "unique for its ethics and heritage, which are an essential component of the bank's differentiated approach. It is important to us that the bank maintains its unique character and ethos," the hedge funds said.
The firms added that Co-op Group will remain the bank's largest shareholder, and that "the bank will benefit by this connection to the co-operative movement."
Co-op struck the deal with Aurelius and Silver Point to avoid nationalization. The Bank of England has set an end-of-the-year deadline for the bank to recapitalize.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...