Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Alex Wright slashes Phoenix Group stake

Alex Wright slashes Phoenix Group stake

Fidelity’s Citywire AA-rated UK equity star Alex Wright has cut his holding in beleaguered life insurance and pensions business the Phoenix Group as its shares have tumbled.

Wright cut his investment in the company from 12.57 million shares to 8.75 million or 3.89% worth £59 million at a share price of 684p, down 7.56% over one month versus a FTSE 250 return of 0.1%.

Wright is a successor to Fidelity’s Antony Bolton, one of the most effective investors the UK has ever produced, and runs the UK equity portion of Bolton’s historical Fidelity Special Situation fund.

Phoenix has been hit hard twice in the past month, firstly by the Budget which liberated pensioners who previously had to buy an annuity, and secondly by last week’s announcement that regulators would probe the ongoing terms of insurance policies written as far back as the 1970s.

Shares in the business had fallen as much as 12% before bouncing back. Canaccord cut its target  price this week from 865p to 800p, rated buy.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: TAM Asset Management’s CEO prepares for a quantum leap

Profile: TAM Asset Management’s CEO prepares for a quantum leap

TAM Asset Management may be relatively small but Lester Petch has big ambitions and believes it is on the verge of a 'quantum leap’

Wealth Manager on Twitter