Bramson’s Sherborne floats a new acquisition cash shell

Marion Dakers
SHERBORNE Investors, the private equity group founded by Edward Bramson, launched its second cash shell yesterday, in a £207m listing on the Alternative Investment Market.

The Sherborne Investors (Guernsey) B vehicle began trading on the junior market yesterday after a float run by Jefferies and HSBC.

Bramson, who won control of F&C Asset Management in a boardroom coup last year, is not thought to be at the helm of the new fund.

But the turnaround specialist is set to become more involved in managing the vehicle once he leaves his executive chairmanship at F&C next year.

His step back from front-line management at F&C is expected to take place at the FTSE 250-listed asset manager’s AGM in May, when the roles of chairman and chief executive will be split.

The new Sherborne fund intends to invest in a company “in which there is a significant divergence between actual and potential operating profitability and return on capital”.

Big investors include Aviva, which holds a 19.3 per cent stake; George Soros’s fund manager; Invesco Asset Management; and Jupiter.