US fund manager Fidelity has bought a 9.7% stake in Lloyd's
underwriter Wellington, making it the second-largest shareholder in the company.
It is understood the purchase was made earlier this week, but the exact price paid for the 12 million shares is not yet known.
Yesterday, Wellington's shareprice closed 0.5p lower at 45.5p. It is thought Fidelity saw an opportunity at Wellington due to the dramatic collapse in Wellington's shareprice after the terrorist attacks in the US. The share's high for the past 52 weeks is 167.5p.
Wellington's largest shareholder is Swiss Re Germany, formerly Bavarian Re, which owns 9.9%.
