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Alternative Market Briefing

Hedge fund Toscafund buys 10% stake in Hoist Finance worth $37.1m

Monday, May 26, 2014

Komfie Manalo, Opalesque Asia:

London-based hedge fund manager Toscafund Asset Management bought a 10% stake in Stockholm-based debt purchaser and collector firm Hoist Finance, worth $37.1m (GBP 30m).

A report from the FT said that by buying into the Swedish company focused on recovering distressed consumer loans, Toscafund fund will have the opportunity to exploit regulatory pressure on European banks to offload their bad debts.

The report added the hedge fund group is planning to launch a stock listing on its home exchange in 2015.

Hedge funds have been pushing into alternative finance before European banks are required to sell their assets, including consumer loans and reduce their balance sheets with the aim of increasing their capital.

At the start of 2014, London hedge fund Marshall Wace opened a peer to peer lending fund. Another hedge fund, Omni Partners launched a fund focused on secured lending to property developers.

Background Toscafund, which was founded in 2000 by Martin Hughes, manages equity funds specializing in global financials and UK mid cap activism. Early this month, its Tosca Opportunity (and sister fund, Tosca Mid Cap) announced it ......................

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