Toscafund Chief Says Fund Isn’t Liquidating

Jun 12 2008 | 2:00am ET

Toscafund Asset Management is denying rumors that it is liquidating its stock portfolio, suggesting that the whispers may be an effort to manipulate prices.

The London-based hedge fund has had a rough year: It was down 17% through May 22, as many of its largest bets have plummeted in value. But firm founder Martin Hughes says reports of its death are greatly exaggerated.

“We are aware of the stories circulating in the market which are totally wrong,” Hughes told Bloomberg News of talk that it was selling off its US$8 billion stock portfolio. “It is certainly not Tosca that is liquidating a portfolio.”

Hughes added that the rumors “may be a deliberate attempt at market manipulation.”

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