Putnam Lovell buys 10.5% stake in Lombard Risk Management

Putnam Lovell buys 10.5% stake in Lombard Risk Management

Putnam Lovell NBF, a subsidiary of National Bank of Canada, has paid £1.1 million for a 10.5% stake in Lombard Risk Management, a London-based provider of financial software, data and valuation services to banks and hedge funds.

Under the deal Putnam Lovell, through its parent company, acquired 12.2 million ordinary shares of 0.5 pence for nine pence each. The stake was acquired through a placing of new ordinary shares.

Lombard, which started trading in 1989, says the funds will be used to drive sales and marketing and further the development of its products and services.

Daniel Kochav, managing director of alternative investments at Putnam Lovell NBF, will join the board of Lombard Risk as a non-executive director.

The investment follows Lombard Risk's IPO on AIM in September 2004. Shares in the placing were priced at eight pence each. The stock was trading at 9.25 pence in morning trading.

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