Kenneth Dart, the billionaire investor known for “vulture” trades in government debt, built stakes worth nearly £5 billion (US$6.9 billion) in British American Tobacco and Imperial Brands.
Making the investments through his Spring Mountain Investments fund, Dart built a 7% stake in BAT, making Dart’s fund the third largest shareholder in the company, and 3% in Imperial, making the fund one of the company’s 10 largest shareholders.
Based in the Cayman Island, Dart, who is heir to a US foam cups empire, has a reputation as a pioneer in vulture funds. His conglomerate runs and invests in sectors from retail and hospitality to entertainment and biotech. With a net worth estimated at US$6.7 billion, Dart’s property investments include the Ritz-Carlton on Grand Cayman.