The British hedge fund manager Edward Bramson has become the largest shareholder in private equity firm Electra, just three months after he exited 3i Group.
The investor, who runs New York-based investment group Sherborne, owns 13.7 per cent of the London-listed trust’s voting rights, after disclosing a 10 per cent stake last week, according to a statement to the London Stock Exchange on Tuesday.
Electra Private Equity’s shares closed down 0.8 per cent at £27.52, after a 10 per cent surge on Friday, bringing its market capitalisation to about £987.8m and nearing the group’s net asset value of £27.81 a share as of December.
The stakebuilding follows the sale of Sherborne’s stake in London-listed 3i in November, which generated a 38 per cent gain in less than a year.
The profit on 3i did not involve any form of activism, in contrast with the more hands-on style shown by Mr Bramson in the past. When he targeted British investment manager F & C, he led an overhaul of the company. But the financier, backed by some of the largest UK institutional investors such as Aviva, did not have to move an inch to make a handsome profit on 3i. Mr Bramson did not engage with the company and did not even send representatives to 3i’s shareholder meeting.
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