Monaco hedge firm ups stake in beleaguered Northern Rock

SRM Global Master has secured a further million shares in beleaguered mortgage lender Northern Rock,...

SRM Global Master has secured a further million shares in beleaguered mortgage lender Northern Rock, increasing its stake from 9.5% to 9.74%. The latest developments means the Monaco-based hedge firm is the largest shareholder in the group, while RAB Capital, the second largest investor, owns 7% of the bank. Both firms are trying to block an auction of the lender's assets. Northern Rock shares have failed to recover following this summer's credit crisis and RAB is among several investors looking at huge losses from its stake. Suitors for the beleaguered bank include Virgin Money whi...