In 2007 Electra Partners invested £33 million in support of the £57 million take-private of retail asset manager, Premier Asset Management.
Headquartered in Guildford, Premier is a retail asset manager distributing funds through IFAs and wealth managers across the UK. Its investment strategies include multi-asset, UK equities, global equities and fixed interest. Funds under management at acquisition were approximately £1.8 billion.
Premier is a growth business which, through continued investment in sales and infrastructure resources, is expected to grow product sales and gather funds under management.
Premier's aim is to grow funds under management through a combination of continued organic growth, including broadening its product manufacturing capacity and further development of its acquisition pipeline.
In 2009 Electra Partners and Premier completed the acquisition from Aberdeen Asset Management of the management contracts of two OEIC fund umbrellas containing 10 open-ended funds comprising £910 million of assets under management. This acquisition took Premier's AUM to approximately £2.5 billion at the time.
In 2014 Electra Partners sold a 50.2% stake in Premier to Elcot Capital Management, an investment management firm led by Premier’s Chairman Mike Vogel. Electra Partners continued to hold a significant minority interest in Premier in the form of Ordinary and Preference shares, which on the basis of this transaction had a valuation of £27 million.
In October 2016 Premier successfully completed an initial public offering (“IPO”) on the AIM market of the London Stock Exchange. On admission Electra received cash proceeds of £36 million from the redemption of preference shares and the sale of ordinary shares and in addition continues to hold approximately 8% of the issue share capital of the company, which had a valuation at the offer price of £10 million. At the time of the IPO Premier had assets under management of £4.6 billion.
assets under management at 30 June 2016