James Rowsell, chief executive at Vermeer Investment Management, has sold his stake in Facebook on concerns surrounding the privacy storm with Cambridge Analytica.
Rowsell, who co-founded Vermeer with Tim Gregory in 2016, said the Vermeer Global fund held 1.3% in the social media giant before selling out last month. Cambridge Analytica, which has now closed, is alleged to have mined the personal data of 50 million Facebook users to create profiles and target them in the US election campaign in 2016, which was won by Donald Trump. Facebook shares dive 7% amid data misuse claims As a result, Facebook founder Mark Zuckerberg had to testify in front of Congress over how the firm was handling its users' data and privacy. Zuckerberg apologised f...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
