Principle in Sirius deal as Dawnay Day fades

The Dawnay Day empire continued to unravel today when activist investor Brian Myerson bought a 48% stake in Dawnay Day Sirius Real Estate Asset Management.

Dawnay Day Sirius, a spin-off from the collapsing Dawnay Day, said Myerson was coming on board its asset manager through his Principle Capital business set up in 2004.

It said Dawnay Day head Peter Klimt today stepped down from the board of DDS with immediate effect.
His partner in the troubled financial services and property conglomerate, Guy Naggar, has also cut ties with the firm.

Myerson, a leading figure in fund management and shareholder activism, takes on the holding originally owned by Dawnay Day with an initial investment of £1.5 million. The rest of the asset manager is owned by Kevin and Frank Oppenheim and the management team.

Myerson said: "We are delighted to be able to become involved in the management of this strategy and look forward to working closely with our new partners in this venture. We are making a long-term commitment to this business initially via the asset manager and then directly into the fund."

Kevin Oppenheim said: "I look forward to working together to generate returns for shareholders."