Turnaround specialist Edward Bramson has doubled his stake in F&C Asset Management to take more than 9 per cent of the business.
Yesterday Sherbourne, Bramson’s investment company, took a 5.2 per cent 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 per cent of F&C AM.
Sherbourne’s announcement yesterday took F&C shares to a four-month high yesterday and the stock has continued to rise this morning by nearly 2 per cent to 64.25p.
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.