Elcot also has an option to become the majority owner by taking another 25.1% at a later date while Premier’s senior management and fund management team will acquire a further 25% alongside Elcot.
Electra said it intends to remain a minority shareholder in Premier. The deal is subject to FCA approval.
Elcot is a privately owned investment manager headed up by former CEO of Framlington Group Mike Vogel.
Premier has around $3bn in assets under management across its range of multi asset, equity and fixed income funds.
“As one of the few sizeable independent asset managers in the UK, we believe we are very well placed to support the evolving advisory sector and the new pension landscape,” said Mike O’Shea Premier’s chief executive.
“All our shareholders, new and existing, support this vision and have endorsed the current mandate of recruiting and developing investment talent, maintaining first class client service levels and supporting strong distribution; the new shareholder base we are announcing today further underscores and protects our independence,” he added.
