Investec Asset Management has bought a 5.6 per cent share in Countrywide, having had no previous involvement in the troubled estate agency group.
Earlier this week the asset management firm bought 13.3m shares; the news prompted Countrywide’s share price to rise around two per cent on Tuesday, when the purchase was first announced to the stock market.
Investec Asset Management, which started in South Africa in 1991, provides investment products and services to institutions, advisory clients and individuals. Its clients include pension funds, central banks, sovereign wealth funds, insurers, foundations, financial advisers and individual investors.
Even so, Countrywide’s share price remains around the 115p, slightly up on its low of 105p recorded on Monday; last week Countrywide was relegated to 'underperform' from 'neutral' in Credit Suisse’s generally pessimistic assessment of UK estate agencies.
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