York Capital hedge fund

Blues: The Co-op Bank destroyed £1.5 billion

British-based staff at York Capital, one of the new hedge fund owners of the Co-operative Bank, shared a £32 million payout in 2014.

The US hedge fund offered its 21 British staff a complete of £15 million in pay and bonuses, with the three top members of its UNITED KINGDOM relationship sharing a further £17 million.

A further £14 million was compensated to some other company inside team.

York, with offices around the globe and handles $27 billion (£15 billion) in assets for its consumers, had been among hedge resources that acquired a large stake when you look at the ethical lender after its financial meltdown in 2013, whenever lender discovered a £1.5 billion black-hole in its records.

Some hedge funds, including York, had purchased bonds when you look at the lender that were converted into shares as part of the relief.

This left its former mother or father, the Co-operative Group, as a minority shareholder into the bank. The precise size of York’s stake in Co-operative Bank is unknown.

Great britain relationship’s return dropped a little from £50 million to £49 million in 2014, but its profits were up at £31 million, having been £27 million in 2013.