Investment manager Elcot Capital Management has bought a 25.1 per cent stake in Premier Asset Management from Electra Private Equity.
Electra will continue to hold a minority interest in Premier as part of the change in ownership structure.
Elcot has been given an additional option of acquiring a further 25.1 per cent of the equity in Premier.
Premier’s senior management and fund management teams are also set to invest alongside Elcot while rolling over exiting shareholdings which will see them hold a total 25 per cent stake in Premier.
Premier Asset Management chief executive Mike O’Shea says: “The new shareholder base we are announcing today further underscores and protects our independence.
“Our new shareholder is led by Premier’s Chairman, Mike Vogel, formerly a successful investment manager and CEO of Prolific Financial Management and Framlington Group. This clearly underlines our intention to maintain a keen investment-led focus.”