Artemis buys stake in Northern Rock

Artemis has taken a 1.6% stake in struggling mortgage bank Northern Rock. The asset management fi...

Artemis has taken a 1.6% stake in struggling mortgage bank Northern Rock. The asset management firm has bought 6.8m shares in the bank at an estimated cost of around £10m. The group declined to reveal which manager or managers have bought the stock. "We do not commment on individual holdings," said a spokesman. Artemis joins Rab Capital, via its closed-ended fund Rab Special Situations, as shareholders. Rab own around 6.6% of Northern Rock. Other recent purchasers of the beleaguered stock include State Street. Richard Hunter, head of equities at Hargreaves Lansdown, said: "It's a spec...