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Electra Partners floats Premier Asset Management and bags £36m

Oliver Gill
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Inside The London Stock Exchange
Six of the seven floats in the third quarter have been on the London Stock Exchange's junior partner, the Alternative Investment Market (Source: Getty)

Premier Asset Management announced its return to the stock market this morning in a listing that values the company at nearly £140m.

Not content with floating Hollywood Bowl last month, shareholder Electra partners continued the trend today and will net £36m through selling its preference shares, although it will retain an eight per cent share interest.

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Co-investor Queripel Partners will reduce its position to 33 per cent as part of the float that will lead to Premier Asset Management quoted on the Aim – where six of the seven listings during the third quarter have been admitted.

In 2007 Electra Partners stumped up £33m as part of a £57m to take the Guildford-based investment management firm private. This was followed by Electra Partners and Premier buying two management contracts from Aberdeen Asset Management in 2009. The transfer of the contracts bolstered assets under management by £910m, taking the total under control to £2.5bn. Assets under management had grown to £4.9bn by the end of September this year.

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Electra started its divestment in October 2014 when it sold a 50.2 per cent stake to management via chairman Mike Vogel's investment vehicle, Elcot Capital Management.

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