Small cap specialist Max Royde has upped his backing for financial advisor and investment manager turnaround stock Ashcourt Rowan.
Royde, manager of the Kestrel Opportunities fund, increased his stake in the business from 1.86 million shares to 1.89 million or 7.02% worth £2.49 million at a share price of 132p.
The increase follows the appointment of new chief executive Jonathon Polin, previously a director at Ignis Investment Management, and his announcement of a strategic redirection for the company.
Shares in Ashcourt Rowan are up 22.62% over the last six months versus the FTSE Financial 350 index return of 3.3% over that period.
The company has recently signed a number of distribution deals making its investment services much more widely available to financial advisers and retail investors on online trading platforms.
New chief executive Jonathan Polin, appointed in 2011, told investors at the end of last year of his ambition to make the group 'bomb proof' as he embarks on an overhaul of the firm.