Hedge fund Elliott acquires 11 percent derivatives stake in F&C Asset Management

LONDON Thu Feb 27, 2014 6:13am EST

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LONDON (Reuters) - U.S. hedge fund Elliott Management Corp acquired derivatives equivalent to a stake of almost 11 percent in UK-based F&C Asset Management FCAM.L, a filing showed on Wednesday.

The activist hedge fund purchased derivatives equivalent to around 63.8 million ordinary shares, the filing showed.

A spokesman for F&C declined to comment while Elliott could not immediately be reached.

In January, Bank of Montreal (BMO.TO) struck a deal to buy F&C for 708 million pounds.

F&C's second largest shareholder, Standard Life Investments, said at the time the deal represented an "attractive valuation" of the asset manager for the Canadian bank and it may support a rival bid if one emerges.

Standard Life Investments declined to comment.

(Reporting by Clare Hutchison and Freya Berry; Editing by Elaine Hardcastle)