BlueBay founders net £82m each after successful sales negotiations
BlueBay Asset Management sold to Royal Bank of Canada for £963m
The two founders of British hedge fund BlueBay Asset Management have made around £82 million each following the completion of sales negotiations.
Chief executive Hugh Willis and chief investment officer Mark Poole both made huge profits after selling the company to Royal Bank of Canada for £963 million.
The 485 pence-a-share offer represents a 29 per cent premium on the value of BlueBay's stock on Friday's close.
Mr Willis and Mr Poole set up the firm in 2001 and recently made £21 million from selling shares at 325 pence each.
Despite the sale, the pair still owned 17 per cent of BlueBay, allowing them to make a significant profit on their original investment.
They have confirmed they will stay on in their current roles and re-invest a quarter of the capital raised back into the business.
Stuart Duncan, an analyst at KBC Peel Hunt, said: "Blue-Bay is a highly attractive asset, which is trading well and delivering as expected. In our view, the offer price looks attractive."