BlueBay founders £40m richer from cashing in shares

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Former JP Morgan bankers Hugh Willis, chief executive, and Mark Poole, chief investment officer, each put 6.5 million shares on the market through broker Credit Suisse.

As the share price dipped 18p to 330p each sale was set to produce about £21.5 million. Willis and Poole sold shares worth a total of £60 million in the original flotation for 300p in November 2006.

After today's sale, they each have 16.8 million shares in BlueBay and they have undertaken not to sell any more of their stake for at least 12 months.

BlueBay's assets under management soared by $10 billion to $34.3 billion in the six months to end-December and pre-tax profits trebled year-on-year to £26 million.