Sherborne rakes in earnings

Sherborne Investors, the fund vehicle led by activist investor Ed Bramson, yesterday reported gains of £33.9m for the seven months ending in June. The fund, which was raised by Bramson to take over listed private equity company 3i, made £18.8m of this from selling shares in 3i and terminating derivative contracts. Bramson’s vehicle is now 3i’s second biggest shareholder with a five per cent stake. He previously led a boardroom coup at asset manager F&C with a former vehicle.