Bramson wins Soros backing for new buyout fund

F&C head honcho and activist investor Edward Bramson has secured the financial backing of Soros Fund Management to launch another Guernsey-listed buy-out vehicle.

The fund will sit alongside Sherborne Investors Guernsey A, through which Bramson controls a 22% stake in F&C.

Head of distribution at the company Richard Wilson replaced Bramson as chief executive this week, while Mr Bramson will remain as executive chair until the spring before becoming a non-executive.

Sherborne Investors Guernsey B has listed on AIM and raised £270 million according to a report in the Financial Times, although it has not released any detail on its potential targets.

According to the paper, previous backers such as Threadneedle and Aviva have already backed the mandate.

Mr Bramson favours undervalued and underperforming UK listed companies which he believes have turnaround potential. He began to buy heavily into F&C in 2010 before ousting the senior executive team in 2011 and assuming control of the company, launching a major restructuring of the business.