Elcot Capital Management, a UK-based investment manager, has acquired a 25.1% stake in Premier Asset Management from Electra Private Equity in a deal worth £10 million.
Under the agreement, Elcot also has option to buy a further 25.1% stake in the asset manager from the private equity firm for another £10 million.
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Additionally, Premier’s senior management and fund management staff will hold a total 25% stake in Premier along with Electra and Elcot.
The deal is subject to regulatory approval by the Financial Conduct Authority. Electra holds a minority interest in Premier.
Alex Fortescue, chief investment partner at Electra Partners, said:"The business has been transformed in recent years and now has the opportunity to accelerate this growth, not only by virtue of the industry’s attractive long-term fundamentals, but also because the Premier team has invested through the recession in building a really strong platform."
Mike O’Shea CEO of Premier said: "Driven by very strong investment performance across our multi asset, equity and fixed income funds, we are enjoying significant inflows to our funds: assets under management have grown by almost a third in the past year to over £3 billion.
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By GlobalData"This has fuelled our ambition to continue building a client-focused investment led business and to accelerate our growth. The new shareholder base we are announcing today further underscores and protects our independence," he added.
