Fund manager buys more Plan B

Microcap fund manager Acorn Capital has increased its stake in listed Perth-based financial planning firm Plan B Group Holdings to control almost 10 per cent of the voting power.

The Melbourne-based fund manager invests in some of the smallest companies on the Australian Stock Exchange, which traditionally outperform bigger companies during strong markets and underperform in weak conditions.

Plan B is one of only a handful of listed financial planning companies. The Perth company, with a market capitalisation of $62 million, listed in mid 2007 with an offer price of $1.

It is now trading at around 76 cents.