FMR is Fidelity's parent company. Credit: FidelityUS Investment Giant Buys 8% Stake in Gordon Dadds Group
The investor becomes the Group's fourth largest shareholder, joining the likes of JP Morgan and Legal & General.
May 28, 2019 at 08:08 AM
2 minute read
U.S. investment powerhouse FMR has bought a stake in the Gordon Dadds Group.
The investor – originally known as Fidelity Management & Research, which owns well-known market players Fidelity Investments and Fidelity Brokerage Services – has bought more than an 8% share in the group, according to a stock exchange announcement on Friday.
FMR has a wide-ranging portfolio, having made significant investments in companies such as Apple, Netflix, Visa, Microsoft and Google parent company Alphabet, and counts global asset managers Blackrock and Vanguard among its key rivals.
Its asset holdings in more than 4,000 companies are worth about $828 billion, according to Nasdaq.
The Boston-based investor has bought nearly three million of Gordon Dadds' 36.9 million shares in issue, which furnishes it with 8.07% of all voting rights. It now becomes the listed firm's fourth-largest major shareholder and joins a group of fellow investors including JP Morgan, Legal & General, and group CEO Adrian Biles who, with his 20.6% stake, is by some measure the firm's largest shareholder.
FMR also has a stake in Brookfield Properties, which owns Ince Gordon Dadds' London headquarters, Aldgate Tower.
Gordon Dadds has seen its fortunes fluctuate since it floated in 2017. In March this year, its share value fell to its lowest point, but has since made back some ground. On Friday, when the FMR investment was announced, its share price rose nearly 4% to nearly 160p per share, giving it a market capitalisation of £58.6 million ($74.3 million).
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