Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

AA-rated Hugh Sergeant lifts Rangers stake above 7%

AA-rated Hugh Sergeant lifts Rangers stake above 7%

River & Mercantile Asset Management's (RMAM) Citywire AA-rated Hugh Sergeant has bought more shares in Rangers.  

According to an announcement posted on the London Stock Exchange, Sergeant bought 1.7 million shares on 24 January, increasing his holding to a little less than 4.8 million shares, or 7.4%.

Shares in Rangers were trading at 27.55p at 2.35pm, a gain of 1.1% on the day but well below their 52-week high of 88p. At that price Sergeant's stake is worth around £1.3 million.  

The manager, who first bought a small stake in Rangers on its IPO in December 2012, said he had 'taken advantage of recent share price weakness', and that he saw 'long term value in the franchise'.  

The purchase comes as former Rangers' director Dave King told the Daily Mail that a new share issue at the club was 'inevitable' and the company prepares to embark on a intensive cost-cutting programme.

'We are in for an interesting couple of months,’ King told the paper. ‘If [chief executive] Graham Wallace pushes these cuts through and gets his budget balanced – which he has to do because the money is not there – then how are the board going to be able to show the fans a way forward when it comes time to stump up for season tickets?

Sergeant runs a range of funds for RMAM, including the UK Equity High AlphaUK Equity Long Term Recovery and World Recovery funds.

In the three years to 24 January the UK Equity Long Term Recovery and UK Equity High Alpha funds have returned 64.7% and 47.1% respectively versus a 28.5% rise in the FTSE All Share.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter