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Northern Rock scars RAB Capital profits

Times Online- Hedge fund RAB Capital, one of the largest shareholders in Northern Rock when the bank was nationalised in February, this morning announced that its first half pre-tax profit had almost halved and assets under management had shrunk by more than $1 billion in six months.

RAB’s $1.4 billion Special Situations Fund, managed by its chief executive Philip Richards and among the best performers for some years, plunged 23.1 per cent.

The fund had an 8.18 per cent holding in Northern Rock and major positions in African Minerals, a London-based diamond miner, and Falklands Oil and Gas.

The news comes as many of the world’s activist hedge funds are suffering this year, with some posting losses of more than 20 per cent of their funds.

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