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Electra reduces stake in asset manager Premier

28 Aug 2014

SONY DSCUK firm Electra Private Equity has agreed to sell a 25.1 per cent stake in asset management group Premier to Elcot Capital Management for £10m.

Premier is an independent asset manager with assets under management of more than £3bn across its multi-asset, UK equity, global equity and fixed interest strategies.

Electra first invested in Premier in 2007 and in 2009 made a further investment to support an acquisition.

Electra’s chief investment partner Alex Fortescue 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.”

Electra has recently rejected a request from activist investor Edward Bramson to appoint three new directors to its board and conduct a strategic review.

Bramson intended to be one of the directors and nominate the other two and requested a mandate to lead a strategic review of the firm, but did not present any specific proposals.

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