Bramson vehicle buys more shares in F&C

F&C Asset Management chairman Edward Bramson's investment vehicle SIGA LP has acquired more shares in the asset management company.

Bramson was appointed chairman of F&C last month after a shareholder coup removed the previous incumbent, along with another non-executive, and appointed three new directors, including Bramson.

SIGA has acquired 125,852 shares at 77.59p each. That cost £97,649 and followed the purchase of 265,000 shares at 77.79p each on Friday. SIGA has invested just over £300,000 in F&C shares in the past few days. SIGA owns around 18.1% of F&C and this is also deemed to be Bramson's holding. SIGA uses funds supplied by AIM-quoted Sherborne Investors to invest in F&C.

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The F&C share price has been falling back in recent weeks and it is around 10% lower over the past month.

There are concerns that some asset management clients will desert F&C.

"Our focus now is to build on the things that work well at F&C and to improve the group's financial performance, which will create value for shareholders," according to Bramson when the company released its 2010 figures last Wednesday.

A profit before tax a year ago was turned to a loss of £19.2m this time. The previous year's number benefited from a £27.9m debt exchange programme.

Assets under management rose to £105.8bn from £97.8bn at the end of 2009, helped by £4.2bn from the acquisition of Thames River Capital in September.

Net revenues increased to £243.2m from £225.1m, including performance related management fees of £12.9m, down from £18.7m the year before.

Top Director Buys

Travis Perkins (TPK) Director name: Mr Geoff CooperAmount purchased: 16,395 @ 968.19p Value: £158,735

F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 125,852 @ 77.59p Value: £97,649

Travis Perkins (TPK) Director name: Mr Paul N Hampden SmithAmount purchased: 9,856 @ 968.19p Value: £95,425

Travis Perkins (TPK) Director name: Mr John P CarterAmount purchased: 9,856 @ 968.19p Value: £95,425

Travis Perkins (TPK) Director name: Mr Andrew PikeAmount purchased: 2,666 @ 968.19p Value: £25,812

CLS Holdings (CLI) Director name: Mr H O Thomas LundqvistAmount purchased: 3,500 @ 650.00p Value: £22,750

Anite (AIE) Director name: Mr David Hurst-BrownAmount purchased: 30,000 @ 65.55p Value: £19,665

Anite (AIE) Director name: Mr Nigel CliffordAmount purchased: 30,000 @ 65.55p Value: £19,665

e-Therapeutics (ETX) Director name: Mr Steve SelfAmount purchased: 50,000 @ 36.50p Value: £18,250

Anite (AIE) Director name: Mr Richard AmosAmount purchased: 25,000 @ 65.55p Value: £16,388

Top Director Sells

Schroders (SDR) Director name: Mr Alan BrownAmount sold: 32,154 @ 1,734.00p Value: £557,550

Prudential (PRU) Director name: Mr Mike WellsAmount sold: 31,478 @ 718.75p Value: £226,248

Mondi (MNDI) Director name: Mr Peter OswaldAmount sold: 62,090 @ 553.26p Value: £343,519

Novae Group (NVA) Director name: Mr Jeremy AdamsAmount sold: 65,612 @ 387.90p Value: £254,509

Novae Group (NVA) Director name: Mr Oliver CorbettAmount sold: 65,612 @ 387.90p Value: £254,509

Novae Group (NVA) Director name: Mr Matthew K FoshAmount sold: 65,612 @ 387.90p Value: £254,509

Mondi (MNDI) Director name: Mr David A HathornAmount sold: 32,998 @ 553.26p Value: £182,565

Mondi (MNDI) Director name: Mr Andrew KingAmount sold: 10,550 @ 553.26p Value: £58,369