Schroders' head of UK equities Richard Buxton has been snapping up shares in St James's Place which are being sold by the group's parent Lloyds, according to reports.
Buxton (pictured), manager of £3.5bn UK Alpha Plus fund, is understood to have bought £135m worth of shares being offered to the market at a discounted price by Lloyds.
Lloyds said yesterday it was placing £520m worth of shares in total into the market, at a price of 510p, a discount of 5% to the closing share price the previous day.
The sale represented 20% of the total share capital of the company, although it left Lloyds with a 37% stake.
Lloyds has said it will not make any further sale for at least a year, but that has not stopped fund managers - including Buxton - buying it.
According to a report by Financial News, citing a source close to the deal, Buxton was not alone buying shares yesterday, as the placing was oversubscribed.
Acquisition completed earlier this month.
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