Bramson tightens hold on FCAM

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.

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Sierra Rutile Ltd (SRX)

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

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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

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Value: £225,000

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