Kingspan Investor Liontrust Cuts Stake Over Grenfell Concern
- Asset manager trimmed holding after revelations at inquiry
- Irish firm has apologized for shortcomings at insulation unit
Grenfell tower covered in a tarpaulin in London in 2020.
Photographer: Justin Tallis/AFP/Getty Images
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A long-time Kingspan Plc shareholder reduced its stake on concerns about the Irish manufacturer’s insulation business raised by an inquiry into England’s deadliest fire in 75 years.
Liontrust Asset Management Plc lowered its sustainability rating of Kingspan last month, triggering the sale of some stock held by its funds, according to an emailed company statement. The London-based asset manager owned 1.2% of Kingspan at the end of last year after shrinking its holding to about 2.2 million shares from 2.6 million at the end of the second quarter, data compiled by Bloomberg show.