Sky News has learnt that Pacific Investment Management Co - better-known as Pimco - has emerged as the frontrunner to buy the residential mortgages from UK Asset Resolution (UKAR), the agency set up to manage some of Britain's state-backed lenders.
- A deal for two separate loan portfolios is said to still be some weeks away,
- Pimco is not guaranteed to win the auction, banking sources said on Wednesday
- Hedge funds Cerberus Capital Management and Och-Ziff, and M&G Prudential had also been shortlisted to buy the assets.
- The £5.5bn sale process will, like all major Government sell-offs, attract scrutiny from the National Audit Office.
Via ... Sky news
h/t to @LiveSquawk
