{"id":8268,"date":"2008-08-01T00:00:00","date_gmt":"2008-08-01T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"british-hedge-fund-buys-5-stake-in-sovereign","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2008\/british-hedge-fund-buys-5-stake-in-sovereign.html","title":{"rendered":"British hedge fund buys 5% stake in Sovereign"},"content":{"rendered":"<p>Milwaukee Business Journal &#8211; An activist British hedge fund has taken a 5 percent stake in<strong> <\/strong>Sovereign Bankcorp Inc.,<strong>&nbsp;<strong> <\/strong><\/strong>according to a filing with the Securities and Exchange Commission.<\/p>\n<p>London-based Toscafund Asset Management said its passive stake amounts to 33.5 million shares.<\/p>\n<p>Banco Santander Central Hispano, Spain&rsquo;s largest bank, owns roughly a quarter of Sovereign&rsquo;s stock and ultimately can exercise an option to buy the Philadelphia-based bank.<\/p>\n<p>Sovereign has struggled after years of rapid expansion through acquisition. The bank&rsquo;s stock price has fallen in the last year from roughly $20 and bottomed out at $7 as it suffered negative earnings caused by some problem loans. The stock closed down 1 percent Thursday at $9.52. Under new CEO Joseph Campanelli, Sovereign has focused the last year on reducing the size of its balance sheet risk and zeroing in on its core mid-Atlantic and New England retail markets.<\/p>\n<p><strong><strong><a href=\"..\/news\/news_land.php?i=http:\/\/milwaukee.bizjournals.com\/philadelphia\/stories\/2008\/07\/28\/daily39.html\" target=\"_blank\">Read Complete Article<\/a><\/strong><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Milwaukee Business Journal &#8211; An activist British hedge fund has taken a 5 percent stake in Sovereign Bankcorp Inc.,&nbsp; according to a filing with the Securities and Exchange Commission. London-based Toscafund Asset Management said its passive stake amounts to 33.5 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[859,508,1813,67,1302,91,20,34,620],"class_list":["post-8268","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-aftermath","tag-bad-news","tag-broad-market","tag-chief-executive","tag-collapse","tag-luxembourg","tag-new-marketplace","tag-news-press","tag-upfront"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8268"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8268\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}