AIM News: Abramovich son stakes £3m in firm

Roman Abramovich's son has paid £3 million for a 26% stake in AIM-listed company Crosby Asset Management.

The purchase was made through his investment vehicle ARA Capital after Irish resources entrepreneur John McKeon and investment banker Ilyas Khan sold some of their assets in Crosby, which focuses on investments in natural resources.

Arkadiy Abramovich will be hoping to follow in the footsteps of his famous father - the billionaire owner of Chelsea Football Club - who has built up an estimated £7.4 billion fortune from Russia's oil and gas industry.

He is the second-richest man living in Britain, according to The Sunday Times Rich List, and the 53rd richest person in the world, according to Forbes magazine.

Arkadiy is also understood to be shadowing his father in the sporting world and is looking at buying a stake in the company behind Danish football team FC Copenhagen.

Robert Owen, Crosby chairman who owns 5% of the business, said the board "welcomed" Mr Abramovich as a new "substantial" shareholder.

The original Crosby business was set up in 1984 as a stockbroking firm. In May 2004, Crosby Capital was admitted to the London Stock Exchange and changed its name to Crosby Asset Management in May 2008.