Fund with management of Alfa owners' wealth becomes second biggest shareholder in UniCredit
MOSCOW. June 27 (Interfax) - Pamplona Global Financial Institutions Fund, which is managed by Pamplona Capital Management, has increased its stake in UniCredit from 1.99% to 5%, the fund said.
The market value of the share stake consolidated so far by Pamplona in the leading Italian bank comes to around 700 million euro.
A source knowledgeable about the fund's strategy told the Financial Times that Pamplona, which is the second biggest shareholder in the bank now after Abu-Dhabi's Aabar Investments fund (6.5%), has no plans put a representative on the board of directors at UniCredit.
UniCredit posted 9.2 billion euro in losses for 2011. The bank lost two thirds of its market capitalization over the last quarter.
Pamplona Capital Management, which was founded in 2005 by Alex Knaster, a co-owner in Alfa-Bank and Altimo, manages over 6 billion in assets. The key investors for Pamplona are the co-owners of Alfa-Group.
