UK investment manager firm Elcot Capital Management has acquired a further 25.1 per cent stake in Premier Asset Management to become the majority owner of the business.

UK investment manager firm Elcot Capital Management has acquired a further 25.1 per cent stake in Premier Asset Management to become the majority owner of the business.

The move follows Elcot’s decision to take an initial 25.1 per cent stake in Premier in August.

Elcot now has a holding of 52.2 per cent in Premier from Electra Partners, which has received total proceeds of £20 million ($32.1 million). Premier’s senior management and fund management team owns 25 per cent, while Electra Private Equity holds a further 24.4 per cent.

“Our new shareholder base further underscores and protects our independence as we seek to accelerate our growth based on relevant investment funds, very strong investment performance and  increased distribution capability,” said Mike O’Shea, chief executive of Premier Asset Management.

“We are continuing to see significant inflows across our multi-asset, equity and fixed income funds, which has seen our AUM grow significantly over the past year. We believe we are extremely well placed to build on this success, particularly with new opportunities arising to support the new pensions landscape,” he added.

In 2007, Electra Partners invested £33 million in support of the £57 million deal Premier Asset Management.

In December 2009, Electra made a further £24 million investment to support the acquisition from Aberdeen Asset Management of two OEIC fund umbrellas containing 10 open-ended funds comprising £910 million of assets under management. This acquisition took Premier's assets under management to approximately £2.5 billion at the time.

Elcot is a privately-owned investment management firm led by Mike Vogel, formerly CEO of Framlington Group and before that, Prolific Financial Management.