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Parvus nursing loss on Connaught holding
July 29, 2010
Parvus Asset Management had built up a holding equivalent to 18pc of the support services company before its share price fell by 90pc in a month, according to stock exchange disclosures.
The hedge fund, run by former Merrill Lynch asset manager Edoardo Mercadante and backed by TCI, held 1.15pc of Connaught in stock and the rest through contracts for difference.
A 10pc stake in Connaught that it controls is registered under the name of HSBC, its broker.
Chris Hohn, the City financier and founder of TCI, helped to start Parvus, while Lord Rothschild is also believed to have backed the hedge fund.
Original Posting At: Telegraph
The hedge fund, run by former Merrill Lynch asset manager Edoardo Mercadante and backed by TCI, held 1.15pc of Connaught in stock and the rest through contracts for difference.
A 10pc stake in Connaught that it controls is registered under the name of HSBC, its broker.
Chris Hohn, the City financier and founder of TCI, helped to start Parvus, while Lord Rothschild is also believed to have backed the hedge fund.
Original Posting At: Telegraph
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