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
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter