Clive Cowdery made a killing acting as the buyer of last resort when investors lost confidence in the insurance sector in 2003. But in targeting the UK’s troubled banking sector – and Bradford & Bingley in particular – he is embarking on a substantially more ambitious project.
The former insurance salesman has strong credentials for turning a frightening risk into a fat financial return. He set up Resolution with a £500,000 loan five years ago and sold it for £4.9bn this year to Hugh Osmond, the leisure entrepreneur. The deal netted him about £150m.
