LONDON, May 3 (Reuters) - Activist investor Edward Bramsonhas raised his stake in UK private equity company 3i to4.9 percent, piling pressure on Chief Executive Simon Borrowsjust weeks before he marks his first year in charge of thetroubled firm.
Sherborne Investors, the investment vehicle run by themedia-shy entrepreneur, now controls just over 47.5 millionshares 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 managementshake-ups at his target companies and raised 207 million poundsin November to buy shares in an unspecified listed company itconsidered undervalued.
In 2011 Bramson led a boardroom coup at British firm F&CAsset Management, ousting the chairman and pursuing aroot-and-branch shake-up of the 144-year old company after yearsof share price underperformance.
Within weeks of Sherborne's fundraising he set his sights on3i, already in the throes of an extensive turnaround plan aftera phase of poor share price performance and weak results fromits buyout business.
Since appointing Borrows last May, 3i has cut jobs andstreamlined strategy to focus on its northern European roots inan effort to prop up its stock value, which has rebounded bymore than 70 percent in the past 12 months.
3i shares were down 0.2 percent at 332.5 pence by 0909 GMTon Friday, having risen by 53 percent this year.