Rolls-Royce has lost yet another high-profile investor, as one leading City figure confirmed over the weekend that he has offloaded his shares in the struggling aircraft engine maker.
Old Mutual Global Investors chief executive Richard Buxton told The Sunday Telegraph that he sold his stake in Rolls-Royce less month, after the company issued its fifth profit warning in less than two years.
Buxton blamed Rolls-Royce for its lack of guidance, saying: “We thought they’d trash forecasts for 2016 but then give some guidance for 2017, 2018 and beyond, and they didn’t. They abandoned the guidance, and frankly the suspicion is that they genuinely don’t know.”
Buxton is just the latest well-known fund manager to exit Rolls-Royce. Neil Woodford made headlines earlier this month when he confirmed that he had dumped his 2.3 per cent stake after losing confidence in the company.