UK Investment Manager Acquires 25.1 Per Cent Stake In Premier Asset Management

Stephen Little

28 August 2014

UK investment manager firm , subject to regulatory approval.

Electra will receive proceeds of £10 million ($16.6 million) and will continue to hold a significant minority interest in Premier.

Elcot has an option to acquire up to a further 25.1 per cent from Electra for up to a further £10 million for a limited period of time.

Following completion of the transaction, Premier’s senior management and fund management team will own 25 per cent of the company.

In 2007, Electra Partners invested £33 million in support of the £57 million take-private of 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.

“Premier has a really strong investment team which is generating some outstanding investment performance. As a result it’s growing fast. I’m looking forward to getting more involved with Mike O’Shea and the rest of the team as we continue to invest in distribution and in the brand in order to build a business of significant scale on this platform,” said Mike Vogel, chairman and CEO of Elcot and chairman of Premier.

Premier is an independent asset manager with over £3 billion in assets under management (as at August 2014) managing multi-asset, UK equity, global equity and fixed interest strategies.

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