Reid to gain following sale of BFS to Premier

premier asset management gains the mandate for five split-capital trusts

BFS boss Tony Reid could scoop up to £1.2m from the sale of almost his entire business to Premier Asset Management, leaving only a shell to handle claims from disgruntled split-cap investors. Premier has paid holding company BFS Investment Group, of which Reid owns 80%, a consideration of 1,296,817 shares worth £1.5m, for BFS Guernsey, based on the average share price as at 13 October 2005. It will also give BFS Investments Plc, the UK subsidiary of the company, up to £221,400 depending on how many of its trust management contracts are transferred over. From now on, this division, which ...