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Schroders & Threadneedle buy 31% of firm linked with £1.5bn RBS branch bid
by Dylan Lobo on Aug 19, 2013 at 08:07
A host of fund and hedge fund managers have backed a firm linked with a £1.5 billion bid for 315 RBS branches.
The firm behind the bid W&G Investments, an investment vehicle led by former Tesco finance director Andy Higginson, is expected to float on the Alternative Investment Market on 20 August.
According to an admission document to the London Stock Exchange, Schroders is the largest backer with a 15.965% stake in the business followed by Threadneedle at 15%. Other big supporters include Lansdown Partners and Talisman Global Asset Management, which have bought 10% and 5.455% respectively.
Meanwhile Aviva Investors and Franklin, Toscafund, Old Mutual Global Investors, Jupiter and Invesco have all acquired more than 3% of the firm.
RBS has been forced to put the branches up for sale to comply with European Union rules. Santander abandoned its bid for the branches last October after encountering completion delays.
Higginson will raise £15 million to help fund the deal. According to the Sunday Times, US private equity firms Corsair Capital and Centrebridge are also interested in the branches.
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