Summary
RATHBONE BROTHERS has increased its holding in residential buy- to-let mortgages specialist Paragon Group to more than 5% after buying 536,000 shares. The transaction gives Rathbone Investment Management a 0.41% stake and Rathbone Unit Trust Management 4.9%, putting a total of 5.31% of Paragon in the hands of the boutique fund manager.
Last month Paragon announced that its results for the 11 months to the end of August were on track to meet expectations. It also declared that it had "no involvement in the US mortgage market or any investment, directly or indirectly, in US subprime mortgage- backed securities" which dried up money market liquidity and crippled mortgage bank Northern Rock.See the full content of this document
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