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Tetragon takes big stake in Ashcourt Rowan

by Dylan Lobo on Jan 03, 2014 at 08:28

Tetragon takes big stake in Ashcourt Rowan

Ashcourt Rowan was the subject of frenzied trading activity during the festive period with Tetragon Financial Management (TFM) taking a significant stake in the firm.

Guernsey-domiciled hedge fund firm TFM - which hunts out opportunities in assets and asset classes in believe to be ‘superior’ based on their track record and expertise - bought the stake though its Tetragon Financial Group Master fund, which contained $1.4 billion worth of assets at the end of November.

TFM’s management team contains some big names from hedge fund world, including co-founder Reade Griffith, whose career has included a spell at Citadel Investment Group where he was responsible for running the firm’s global event driven arbitrage team.

The purchases were made during a series of transactions in December after Aschourt placed around 8.25 million shares at 185p on 13 December in a bid to raise £15.3 million.

The placing was launched to fund the its acquisition of UK Wealth Management from Duke Street, which Ashcourt chief executive Jonathan Polin (pictured) described at the time to be 'a transformative deal' and 'an important step on our journey to become a leading UK wealth manager'.

TFM which held just under 5% in Ashcourt prior the placing, lifted its stake in the firm to 2,570,185 ordinary shares following a transaction dated on 17 December, increasing its position beyond 7%. This was followed by a purchase of around one million shares on 20 December, taking its stake to 9.9%.

On top of this TFM holds 10.69% in total return swaps relating to Ashcourt’s ordinary shares, given the firm 20.59% of voting rights.

TFM joins UBS as a significant shareholder in Ashcourt. On 20 December Wealth Manager reported the Swiss banking giant had bought 2.3 million shares in the company representing an 8.53% stake.

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