Soros buys 3.5% stake in MAM Funds

Hedge fund guru George Soros has bought a 3.5% stake in boutique MAM Funds through his company Quantum Partners.

A London Stock Exchange announcement reveals Soros' purchase of 4.7m shares, equivalent to 3.53% of the firm. 

MAM had a difficult period throughout 2009 as it struggled with its debt obligations, a falling share price, and outflows from its product range.

Colin Rutherford came in as chairman to turn the business around, restructuring its debt and selling off non-core businesses to improve the company's finances, and rebranding the group MAM. He has since stepped down from the role.

Ex-Gartmore manager Gervais Williams became managing director of the firm at the end of last year, when the group also announced it was looking to raise up to £20m in new equity.

MAM's share price today is 34.75p, compared to the most challenging year for the firm when the share price slipped below 20p.