Toscafund, the largest London hedge fund specialising in financial services, disclosed on Thursday that it had a 6 per cent stake in Washington Mutual, making it the second-largest investor in the biggest US savings and loan group, sending shares in WaMu up more than 12 per cent.
It also said in a separate filing with the US Securities and Exchange Commission that it had a 5 per cent stake in Sovereign Bancorp, the second-largest US savings and loan group.
