BlueBay Asset Management's chief executive and chief investment officer have each raised more than £21m from selling part of their stakes in the manager of fixed income funds.
Co-founder Hugh Willis has always been chief executive of BlueBay since its inception in 2001. He previously worked at JP Morgan and Kleinwort Benson.
Mark Poole is also a co-founder of BlueBay and has been chief investment officer since it started trading. He has previously worked at Credit Suisse First Boston, JP Morgan and Kleinwort Benson.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Willis and Poole each sold 6.5m shares at 325p each. Both men will own 16.88m shares, which equates to 8.66% of the share capital.
London-based BlueBay had assets under management of $34.3bn at the end of 2009. It joined the Main Market on 22 November 2006.
In the six months to September 2009, profit before tax soared 202% to £26m and the dividend increased by 341% to 7.5p a share.
The BlueBay share price has risen by 264% in the past year.
Top Director Buys
BAE Systems (BA.) Director name: Mr Nicholas RoseAmount purchased: 25,000 @ 362.80p Value: £90,700
Golden Prospect Precious Metals Ltd. (GPM) Director name: Mr Malcolm BurneAmount purchased: 100,000 @ 54.50p Value: £54,500
Plant Health Care (PHC) Director name: Mr Jeremy ScudamoreAmount purchased: 25,000 @ 214.00p Value: £53,500
Longships (LONG) Director name: Mr Nathan Anthony SteinbergAmount purchased: 166,000 @ 15.00p Value: £24,900
Smiths News (NWS) Director name: Mr Dennis H MillardAmount purchased: 10,000 @ 118.20p Value: £11,820
Top Director Sells
BlueBay Asset Management (BBAY) Director name: Mr Hugh WillisAmount sold: 6,500,000 @ 325.00p Value: £21,125,000
BlueBay Asset Management (BBAY) Director name: Mr Mark PooleAmount sold: 6,500,000 @ 325.00p Value: £21,125,000
Utilico Emerging Markets Ltd. (UEM) Director name: Mr Charles JillingsAmount sold: 813,350 @ 125.50p Value: £1,020,754
General Electric (GEC) Director name: Mr Jeffrey R ImmeltAmount sold: 55,938 @ € 11.35 Value: € 634,874
Cranswick (CWK) Director name: Mr Martin T P DaveyAmount sold: 64,961 @ 770.00p Value: £500,200
Iimia Inv Trust (IIM) Director name: Mr Michael C PhillipsAmount sold: 342,205 @ 108.25p Value: £370,437
CSR (CSR) Director name: Mr Chris LadasAmount sold: 48,751 @ 491.05p Value: £239,392
Rexam (REX) Director name: Mr Graham ChipchaseAmount sold: 23,736 @ 276.60p Value: £65,654
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
