Elliott Management Discloses F&C Asset Management and Alliance Trust Stakes ~ market folly

Thursday, February 27, 2014

Elliott Management Discloses F&C Asset Management and Alliance Trust Stakes

Paul Singer’s Elliott Capital Advisors activist hedge fund has made two new disclosures in London recently.  

F&C Asset Management Stake

Elliott started a new position in F&C Asset Management (LON:FCAM) with an 11% stake. Half of the holding is held via contract for difference (CFD) / derivatives.  F&C Asset Management has recently received a takeover offer from the Bank of Montreal. 

Per Google Finance “F&C Asset Management plc (F&C) is an asset management company.   The Company operates in three segments: F&C, F&C REIT and Thames River Capital (TRC). The   Company’s clients are insurance companies, institutional, retail and wholesale investors. The   Company manages portfolios across multiple asset classes on behalf of a range of clients including   insurance funds, pension schemes, public authorities and charities as well as private individuals   through savings schemes, investment trusts and mutual funds.”  

Alliance Trust Position

Elliott also added to its stake in London listed Alliance Trust (LON: ATST), taking its holding from 5% of voting rights to 10.02%. 

Per Google Finance – “Alliance Trust PLC is a self-managed investment trust. The Company’s   objective is to be a core investment for investors seeking increasing value over the long-term. The Company pursues its objective by investing in both quoted and unquoted equities in different sectors and industries; investing internationally in fixed income securities; investing in other asset classes and financial instruments, either directly or through investment vehicles, and investing in subsidiaries and associated businesses.”

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