LAXEY Partners, an Isle of Man-based hedge fund manager, has bought a 12.57% stake in the (pounds) 48m Martin Currie European Investment Trust.
The well-known activist shareholder bought a tranche of 3.08 million shares in the trust to give it a foothold.
The offshore company has perfected its techniques of exerting pressure on managements to get its own way. Previous successes have included unwinding the Govett Atlantic Investment Trust in association with Sierra Trading, the US arbitrageur, in the early 1990s. More recent targets have been the Mexico Fund, a US investment trust, and Izodia, the old Infobank.
In addition, Artemis Investment Management has increased its stake in Aberdeen Asset Management to 3.16% by buying 706,312 shares at 68.15p-per-share.
