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F&C/BMO deal threat as activist triples exposure to 11%

F&C/BMO deal threat as activist triples exposure to 11%

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.

In a subsequent interview with Wealth Manager Aviva UK Equity Income fund manager Chris Murphy (pictured) said there was an opportunity for a rival firm to mount a bid.

Shareholders are scheduled to vote on the BMO deal at the end of March.

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Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

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