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%.
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.