Beach Point Capital Management has increased its stake in Watchstone, formerly the Quindell group to more than 11%.
The US hedge fund, which says it focuses on “complex and misunderstood opportunities” has more than doubled its holding in Watchstone since last September when new chief executive Indro Mukerjee was appointed, when it owned 5% of the insurance technology company.
In its latest transaction, Beach Point raised its holding to 11.16% from 10.99%, taking it over the 11% threshold and making it Watchstone’s biggest institutional shareholder.
No comments yet