Olliff reduces City of London stake

Barry Olliff, chief executive and founder of City of London Investment Group (CLIG), has sold 100,000 shares at 310p each.

Oliff still owns 19.7% of CLIG, which makes him the largest shareholder in the investment management company.

Last October, Olliff announced that he planned to sell 500,000 shares when the share price hit 310p. This share disposal on Tuesday is the first since this strategy was announced. Olliff intends to sell a further 500,000 shares if the share price reaches 350p and another 500,000 when it reaches 400p.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

Olliff has been involved in the investment trust and closed-end fund sector for more than four decades. He started stockbroker Olliff & Partners in 1987 and this formed the basis of CLIG.

CLIG reported its interims to November 2009 on Monday. They showed that funds under management had more than doubled to $4.7bn (£2.9bn) over the 12 months to November 2009. Funds under management reached $4.9bn (£3bn) at the end of 2009.

Revenues increased by one-third to £13.8m, while profit increased by 75% to £4.8m. The interim dividend was increased by 40% to 7p a share. There was £4.7m in the bank at the end of November 2009.

Top Director Buys

BowLeven (BLVN) Director name: Mr Edward WillettAmount purchased: 50,000 @ 106.50p Value: £53,250

Ingenious Media Active Capital (IMAC) Director name: Mr Patrick Anthony McKennaAmount purchased: 100,000 @ 43.50p Value: £43,500

Severn Trent (SVT) Director name: Mr Gordon FryettAmount purchased: 1,000 @ 1,141.00p Value: £11,410

Top Director Sells

Carphone Warehouse Group (CPW) Director name: Mr Roger W TaylorAmount sold: 251,011 @ 192.00p Value: £481,941

City of London Investment Group (CLIG) Director name: Mr Barry M OlliffAmount sold: 100,000 @ 310.00p Value: £310,000

Sound Oil (SOU) Director name: Mr Simon Howard DaviesAmount sold: 3,000,000 @ 2.35p Value: £70,500

Sound Oil (SOU) Director name: Mr Patrick AlexanderAmount sold: 500,000 @ 2.45p Value: £12,250