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Home Business and Economics Business

8.2% of Capita shares used by hedge funds betting against the failing business…and make £90m!

After Carillion collapsed with huge losses, news emerged that hedge funds made around £300m since the Government contractor began to fail. BlackRock – which recently hired former chancellor George Osborne on a salary of £650,000 for one day a week – the world’s biggest fund manager made over £16 million across its funds. Now as […]

Joe Mellor by Joe Mellor
2018-02-01 11:01
in Business, News
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After Carillion collapsed with huge losses, news emerged that hedge funds made around £300m since the Government contractor began to fail.

BlackRock – which recently hired former chancellor George Osborne on a salary of £650,000 for one day a week – the world’s biggest fund manager made over £16 million across its funds.

Now as outsource giant Capita said that dividends would be suspended and the share price plummeted, hedge funds made £90m.

IHS Markit indicated that 8.2 per cent of the Capita shares were used to bet on the hope the company would fall on hard times.

One hedge fund firm booked £30m in a day.

The firm employs 70,000 people, about 50,000 of whom are in the UK.

According to Tussell, a firm which analyses UK public sector contracts, Capita won 154 government contracts last year.

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Almost one billion was wiped off the Capita’s stock market valuation, and shares fell almost 50 per cent, in a day following the bleak outlook for the company.

https://www.thelondoneconomic.com/news/business/winners-carillion-scandal-making-300m-government-contractors-collapse/15/01/

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