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.
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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.
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Director name: Mr Franois Colette
Amount purchased: 750,000 @ 20.00p
Value: £150,000
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Director name: Mr Edward Bramson
Amount purchased: 200,000 @ 71.84p
Value: £143,680
Personal Assets Trust (PNL)
Director name: Mr Stuart Paul
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Director name: Mr Jan Alex Castro
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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
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Sierra Rutile Ltd (SRX)
Director name: Mr Franois Colette
Amount sold: 750,000 @ 30.00p
Value: £225,000
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