Old Mutual ups Boohoo stake

Michael Bow
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FTSE 100 listed finance group Old Mutual, home of top investor Richard Buxton, has upped its stake in online fashion retailer Boohoo, helping it become one of the firm’s biggest institutional shareholders.

The company yesterday revealed it had amassed a 9.4 per cent stake in the Manchester-based company, which floated on the London stock market last month.

The increase came as one of its rivals, US fund giant BlackRock, announced that its own holding had fallen below the five per cent threshold after previously revealing it had a five per cent stake immediately following March’s IPO.