LONDON May 3 Activist investor Edward Bramson
has raised his stake in UK private equity company 3i to
4.9 percent, piling pressure on Chief Executive Simon Borrows
just weeks before he marks his first year in charge of the
Sherborne Investors, the investment vehicle run by the
media-shy entrepreneur, now controls just over 47.5 million
shares in 3i, acquired at a cost of around 127 million pounds
($197 million), Sherborne said in a statement on Friday.
New Yorker Bramson is famous for forcing through management
shake-ups at his target companies and raised 207 million pounds
in November to buy shares in an unspecified listed company it
In 2011 Bramson led a boardroom coup at British firm F&C
Asset Management, ousting the chairman and pursuing a
root-and-branch shake-up of the 144-year old company after years
of share price underperformance.
Within weeks of Sherborne's fundraising he set his sights on
3i, already in the throes of an extensive turnaround plan after
a phase of poor share price performance and weak results from
its buyout business.
Since appointing Borrows last May, 3i has cut jobs and
streamlined strategy to focus on its northern European roots in
an effort to prop up its stock value, which has rebounded by
more than 70 percent in the past 12 months.
3i shares were down 0.2 percent at 332.5 pence by 0909 GMT
on Friday, having risen by 53 percent this year.