Multi-assetAug 27 2014

Premier Asset Management chairman takes major stake in firm

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by

Premier Asset Management has seen backer Electra Private Equity sell a large chunk of its stake in the company to Mike Vogel’s Elcot Capital Management.

Premier, which runs £3bn in multi-asset and single strategy funds, said Electra would sell 25.1 per cent of Premier to Elcot with an option to acquire a further stake of the same size.

Electra will, however, continue to hold a minority interest and Premier’s staff will still own 25 per cent of the firm after the deal.

Elcot, a privately-owned investment firm, is lef by former Framlington chief executive Mike Vogel, who has been chairman of Premier since 2007.

The transaction is conditional upon FCA approval.

Mike O’Shea, Premier’s chief executive, said the firm had grown by almost a third in the past year to more than £3bn “fuelled our ambition to continue building a client focussed investment-led business and to accelerate our growth”.

“As one of the few sizeable independent asset managers in the UK, we believe we are very well placed to support the evolving advisory sector and the new pension landscape,” he said.

“All our shareholders, new and existing, support this vision and have endorsed the current mandate of recruiting and developing investment talent, maintaining first class client service levels and supporting strong distribution.

“The new shareholder base we are announcing today further underscores and protects our independence.”