Ashmore Group shares fell over 5% on Thursday after CEO and founder Mark Coombs revealed plans to sell down his stake in the company.
Coombs, who owns 39% of the emerging markets specialist manager, will reduce his stake "to a more appropriate level" by selling up to 4% of the firm's stock each year into the market. On the news, Ashmore shares dropped 7% to 384p by mid-morning trading. "He continues to be fully committed to Ashmore in his current role," Ashmore said in a statement. Last October, Coombs came under fire from shareholders after proxy advisory firm Institutional Shareholder Services (ISS) recommended shareholders vote against proposals that would give Coombs more control without offering a takeover p...
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