2008-10-30 09 h 40 :: thisismoney.co.uk :: Management steps in to buy out Singer

http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=456317&in_page_id=3&position=moretopstories

Management steps in to buy out Singer
Evening Standard
30 October 2008, 9:40am

From the ashes of Kaupthing Singer & Friedlander (KSF) today emerged a phoenix, in the shape of a management buyout renaming itself Singer Capital Markets.

Led by chief executive Tim Cockroft, the executives and some 70-odd staff of the mid- and smallcap investment bank have raised the money to buy themselves from the administrators without any third-party funding.

KSF was put into administration, but continued to trade, on 8 October following the collapse of its parent, Icelandic bank Kaupthing. Today's deal for an undisclosed price has been struck with the administrators from Ernst & Young.

Cockroft said: 'We have worked hard to resolve a difficult situation.'

As a firm wholly owned by staff, Singer had a strong balance asset 'in excess of regulatory requirements'.

Singer is a share dealer, market maker, research house and corporate finance adviser.