Sir George Mathewson's Toscafund Buys 5%+ Stakes in WaMu (WM) and Sovereign (SOV)
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UPDATE: UK-based Toscafund Asset Management LLP just disclosed 5%+ stakes in two embattled US banks: Sovereign Bancorp Inc. (NYSE: SOV) and Washington Mutual Inc. (NYSE: WM).
The firm disclosed a 5.1% stake (33,505,683 shares) in Sovereign Bancorp and 6% (105,500,028 shares) Washington Mutual.
Toscafund Asset Management LLP is an international investment group chaired by Sir George Mathewson. Toscafund was part of a Virgin Group consortium that submitted a proposal to buy Northern Rock plc. That consortium also included AIG Financial Products, WL Ross & Co and First Eastern Investment Group.
Sir George Mathewson is a Scottish businessman. He helped transform the The Royal Bank of Scotland into a global powerhouse.
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