Liontrust First Income fund manager Jeremy Lang has sold 19% of his stake in the business, although ...
Liontrust First Income fund manager Jeremy Lang has sold 19% of his stake in the business, although the group denies he is unsettled at the company.
Lang sold one in five of his shares in Liontrust to buy himself a property and Jonathan Harbottle, marketing director at Liontrust, said it in no way reflected Lang's view of the business. He said Lang, who along with manager William Pattison have been with Liontrust from its beginning, still has 80% of his equity holding in the group and is committed to it going forward.
Both Lang and Pattison have now both been offered options on 1% of the company each year for the next three years, giving them the potential for 3% ownership if they stay at the group for the three-year period.
Along with this incentive to stay, the two managers also take a cut of the annual management fee in their respective portfolios.
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