London-based hedge fund Toscafund has appointed Sir George Mathewson, former chairman of Royal Bank of Scotland, as chairman. But the ap...

London-based hedge fund Toscafund has appointed Sir George Mathewson, former chairman of Royal Bank of Scotland, as chairman. But the appointment of such a heavyweight chairman does not signal an intention to float as the firm has made it clear that it does not intend to float, according to a report in the Financial Times. Toscafund was launched six years ago by Martin Hughes, the former deputy chief executive of Credit Lyonnais Laing who subsequently headed up the European subsidiary of New York-based hedge fund Tiger Management. Last year Toscafund made a pre-tax profit of £52 million ($98 million) up from £18 million in 2004.