London-based investment group Downing has emerged as a significant shareholder in Braemar Shipping Services.
Downing, formed in 1986 by former NatWest Ventures executive Nick Lewis, has bought a 5.10% stake in the shipbroker just a few weeks after its entry into the ship finance arena.
Three Downing funds have acquired a combined 1,538,690 shares in the London-listed company, which are worth a little below £5m ($6.87m).
