LONDON (Reuters) - Activist investor Edward Bramson's fund, which ran a long but unsuccessful campaign for change at Barclays, has risen in value by 35% since the start of the year as it builds up a stake in a new target company.
Sherborne Investors C said on Friday that its net asset value stood at 571.3 million pounds ($778.6 million) as of Aug. 17, compared with 421.5 million pounds on Dec. 31, and 557.7 million pounds on June 30.
Sherborne Investors said in May that it had sold its 6% stake in Barclays after failing in its efforts to unseat the lender's chief executive Jes Staley and scale back its investment bank.
Sherborne said then that it had identified a new target company but will not name it until its stake crosses the threshold at which it has to be disclosed. The fund said on Friday that this was still the case and that a "turnaround of the new selected target company will increase shareholder value" in line with its objectives.
Barclays shares fell around 15% between Sherborne disclosing its stake in the bank and its exit.
($1 = 0.7337 pounds)
(Reporting by Rachel Armstrong; editing by Tom Wilson)