Shareholding funds see collapse wipe out £600m

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Even after today's slight bounceback in the price, the former building society's equity is trading at just 25% of February's peak 1250p.

Largest shareholder and almost certainly the largest loser is Baillie Gifford. It has a 5.98% stake, for which it is believed to have paid up to 1163p a share. That could mean it is sitting on a cumulative loss of £250 million.

The fund manager actually sold a large slice of Northern Rock in June when it cut its stake from 29 million shares to 25.2 million.

The second largest shareholder is Scottish Widows, the life assurance offshoot of Lloyds TSB, the bank most likely to take over Northern Rock. It holds a 4.7% stake or 19 million shares. It also sold 2.6 million shares in June.

Legal & General ranks as the third largest holder with a 3.5% stake representing 14.7 million shares.

Norwich Union's Morley Fund Management, F&C Asset Management, Schroder Investment Management, Barclays Global Investors and Insight Investment Management all hold stakes of more than 1%.