One of the largest shareholders in fast fashion giant Boohoo has slashed its stake by more than half.
Jupiter Fund Management has reduced its holdings in the Manchester-headquartered company from 9.99% to 4.7%, according to new documents filed with the London Stock Exchange.
The firm was the second largest institutional investor in Boohoo, behind T. Rowe Price International.
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it has now swapped places with Invesco Advisers which has a holding of 4.84%.
Other major investors in Boohoo include Norges Bank Investment Management, Franklin Templeton Institutional and Artisan Partners.
Co-founder Mahmud Kamani is the largest single investor in the company, with a stake worth 12.47%.
Jupiter Fund Management holds its shares in Boohoo on behalf of Citigroup and Northern Trust.
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The move comes after Boohoo handed shares to almost 5,000 of its employees, including its chief executive and chief financial officer.
The company said the move is part of its commitment to encouraging all employees to be shareholders in the business.
The AIM-listed retailer confirmed a total of 15,441,664 ordinary shares of 1p each have been granted to employees.