Turnaround specialist Edward Bramson has doubled his stake in F&C Asset Management to take more than 9% of the business.
Yesterday Sherbourne, Bramson’s investment company, took a 5.2% or £15.59m stake in F&C, but this morning the firm almost doubled that with the acquisition of another £14.48m shares, taking its total exposure to £30m, or 9.4% of F&C AM.
Sherbourne’s announcement took F&C shares to a four-month high yesterday and the stock has continued to rise this morning by nearly 2% to 64.25p. (article continues below)
Bramson is known as a turnaround specialist after investing in both public and private firms in the chemicals, electronics, media, consumer and packaging markets. He is also credited for pioneering many of today’s buyout techniques.