Daily Telegraph- Edinburgh-based fund manager Baillie Gifford \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 the largest institutional shareholder in Northern Rock \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 is believed to have lost more than \u00c3\u201a\u00c2\u00a3250m as shares in the troubled bank have plunged.<\/p>\n
The fund management firm \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 which owns a 5.98pc stake in Northern Rock across a number of funds and investment trusts, including its Saints investment trust, is understood to have paid as much as \u00c3\u201a\u00c2\u00a311.63p for its 25.2m shares. Shares in Northern Rock closed down 155\u00c3\u201a\u00c2\u00bcp at 282\u00c3\u201a\u00c2\u00bep yesterday \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 since the start of the year the shares have fallen 76pc.<\/p>\n
Baillie Gifford \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 which is owned by 30 partners \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 manages \u00c3\u201a\u00c2\u00a352.6bn worth of investments for individuals investors and pensions. Clients include Cheshire County Council, John Lewis and the University of Edinburgh.<\/p>\n
A spokesman for Baillie Gifford refused to comment on why the fund manager had such a large stake in one company.<\/p>\n
Other major shareholders in Northern Rock include Scottish Widows, Legal & General and Fidelity.<\/p>\n
Staff at Northern Rock have also lost hundreds of millions in recent weeks. Combined Northern Rock staff own 46.7m shares in the bank.<\/p>\n