Toscafund Asset Management, the London hedge fund planning a restructuring after big losses this year, has sold its 10 per cent stake in Taylor Wimpey, the country’s biggest housebuilder.

Tosca, run by Tiger Management alumnus Martin Hughes, sold the stake as it slims down to focus on its best positions. Taylor Wimpey shares have tumbled 90% this year and closed down 14.5 per cent, or 3p, to 17.75p yesterday.

Financial Times, The Times