Fund managers put up billions to back cash calls

Times Online – Some of Britain’s most powerful fund managers are setting aside billions of pounds to fund cash calls from sound companies hamstrung by a lack of bank lending.

Investment bankers say that they have been inundated with calls from Britain’s biggest institutional investors over the past few weeks offering billions of pounds to fund the right recapitalisation deals. The institutional investors, corporate brokers say, are insisting that they be shown deals before private equity funds that are also waiting to snap up bargains.

Scottish Widows Investment Partnership, owned by Lloyds Banking Group, and M&G, owned by Prudential, the insurer, are among big investors ready to take up equity or debt of UK plc, whose shares have slumped in the past year. The FTSE all-share index is down almost 30 per cent over the period.

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