Sherborne raises its F&C stake

Activist shareholder Sherborne Investors yesterday raised its stake in F&C Asset Management further on the eve of a board meeting to determine who will chair the company. The purchase, which took Sherborne’s stake to 18 per cent, appears designed to cement its position as F&C’s leading investor in the closing hours before it meets its target’s shareholders today. It has proposed that its founder Edward Bramson, chairman Eric Brindle and a third director take the places on the board.