Jupiter's de Blonay sells down Man after 'mistaken' purchase

Jupiter Financial Opportunities manager Guy de Blonay has said his purchase of Man Group was a "mistake" and he has sold down the position.

Man, the second largest faller in the FTSE 100 year to date behind Lloyds Banking Group, made up 2.5% of the £543m Jupiter Financial Opportunities fund as of 30 September but de Blonay said he had been surprised by the outflows seen at GLG. "We took a hit on Man Group. That was a big mistake. The GLG acquisition seems to be a classic case of good money chasing bad." The stock fell 25% on 28 September after Man said it expected funds under management to have fallen from $71bn to $65bn during Q3. Its share price is currently down 51% year-to-date to 143p from a high of 295p. The comp...