RBS to restructure Cheyne Finance

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Royal Bank of Scotland (RBS) has won exclusive rights to restructure Cheyne Finance, a structured investment vehicle (SIV) managed by London-based hedge fund Cheyne Capital Management. The bank, which has not arranged or managed an SIV to date, signed an exclusivity agreement with the receiver, accountancy firm Deloitte, last month.

Cheyne wrote to investors in August informing them that it had breached a major capital loss event. Its net asset value dropped from 91% on July 27 to 30% on

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