Hedge fund grows Esure stake

Hedge fund Toscafund Asset Management has taken its stake in insurer Esure above 14% by buying a further 4.6 million shares.

The hedge fund previously owned just over 13% of the insurer’s shares, but following the transaction now owns 14.18%.

Esure split from price comparison firm Gocompare last Thursday, and the two are now separately listed on the London Stock Exchange.

Esure’s share price was expected to fall following the deal. The company’s share price has dropped 27% since the demerger went through. The share price closed at 193.40p on Friday, compared with 265.80p on Wednesday, the day before the demerger.

Gocompare’s share price closed at 72p on Friday, down 5% on its debut price of 76p on Thursday.