Fund manager now second-biggest shareholder in insurance outsourcer after founder Rob Terry

Fund manager Fidelity has boosted its stake in Quindell to just under 10% in a series of incremental share purchases.

As of 26 June, Fidelity owned 5.46% of Quindell’s stock. Yesterday (30 June) the firm bought a further 199,644 shares, increasing its stake in the insurance outsourcer from its previous holding of 9.79%.

As a result, Fidelity is now Quindell’s second-largest shareholder behind founder and chairman Rob Terry, who owns 10.89% of the company.

Fidelity’s stake could be seen as a sign of growing confidence in Quindell. The company’s share price suffered a blow in April after research firm Gotham City published a report critical of the company.

The company faced a further setback in June after its application for a full listing on the London Stock Exchange was rejected.