Activist investor Edward Bramson effectively staged a board room coup earlier this year at F&C Asset Management, but having installed himself as chairman, he has continued to build up his interest in the company.
On Friday, he acquired a beneficial interest of 200,000 shares in the asset management firm at a cost of 71.84p per share, through SIGA LP, an associate company of his.
Bramson recently completed a strategic review and has decided to take the company in a slightly different direction.
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His plan is for F&C to focus heavily on insurance and defined benefit pension fund clients. These two groups are increasingly looking to expand their fixed income investments (e.g. bonds).
F&C is quite good at fixed income, with 78% of its investments outperforming their benchmarks. By selling these products vigorously to institutional clients Bramson believes F&C can extricate itself from its current difficulties, which have seen it lose 66% of its share price in the last five years and a whopping 20% or so in the year to date.
Top Director Buys
Sierra Rutile Ltd (SRX)
Director name: Mr Franois Colette
Amount purchased: 750,000 @ 20.00p
Value: £150,000
F&C Asset Management (FCAM)
Director name: Mr Edward Bramson
Amount purchased: 200,000 @ 71.84p
Value: £143,680
Personal Assets Trust (PNL)
Director name: Mr Stuart Paul
Amount purchased: 140 @ 33,620.00p
Value: £47,068
IFG Group (IFP)
Director name: Mr John Lawrie
Amount purchased: 25,000 @ 110.00p
Value: £27,500
Tristel (TSTL)
Director name: Mr Francisco Angel Soler
Amount purchased: 50,000 @ 40.00p
Value: £20,000
Charles Taylor Consulting (CTR)
Director name: Mr Rupert Robson
Amount purchased: 14,188 @ 139.90p
Value: £19,849
Top Director Sells
Sierra Rutile Ltd (SRX)
Director name: Mr Jan Alex Castro
Amount sold: 1,125,000 @ 30.00p
Value: £337,500
Sierra Rutile Ltd (SRX)
Director name: Mr Michael Barton
Amount sold: 750,000 @ 30.00p
Value: £225,000
Sierra Rutile Ltd (SRX)
Director name: Mr Michael Brown
Amount sold: 750,000 @ 30.00p
Value: £225,000
Sierra Rutile Ltd (SRX)
Director name: Mr Franois Colette
Amount sold: 750,000 @ 30.00p
Value: £225,000
HGCapital Trust (HGT)
Director name: Mr Andrew Murison
Amount sold: 5,000 @ 1,006.86p
Value: £50,343
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