Activist hedge fund firm Elliott Capital Advisors has more than tripled its exposure in F&C Asset Management.
Elliott, which is well known for forcing through corporate change, has built lifted its holding in the firm to 11% through contracts for difference. The hedge fund firm initially bought a 3.2% interest on 29 January.
The news comes after the F&C board recommended an offer from Bank of Montreal of 120p per share, valuing the firm at £708 million.
Two of F&C's biggest shareholders had mixed reactions to the offer.
Standard Life Investments, which owns a 10.2% stake, said the asset manager could be sold for a higher price, while Aviva Investors, which owns 12.1%, said it would vote in favour of the deal although it also admitted the price was a little low.
Shareholders are scheduled to vote on the BMO deal at the end of March.