Premier Asset Management has announced a £140 million float on London's junior Aim market, a listing which will enrich its private equity backer Electra.

The sale of shares worth £64 million will see Electra reduce its stake from 24.7% to 8.1%, and redeem its preference shares, according to a London Stock Exchange announcement on October 4. The private equity firm will collect £36 million in cash from the float.