Times Online – Hugh Osmond is sitting on a multimillion-pound paper loss after his Pearl Group life assurer agreed a deal to trim its £3 billion debt burden and bring in new equity investors.

Pearl secured a £500 million injection from Liberty Acquisition Holdings, a company controlled by two New York-based investors, one of whom is Nicolas Berggruen, a billionaire hedge fund investor with a personal wealth estimated at £1.8 billion, according to the Sunday Times Rich List. He is known in hedge fund circles as the “homeless billionaire” because he lives in hotels.

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