Ashmore shares fall as CEO announces stake sale plan

Coombs, who owns 39% of the emerging markets specialist manager, will reduce his stake "to a more appropriate level" by selling up to 4% of the firm's stock each year into the market. On the news, Ashmore shares dropped 7% to 384p by mid-morning trading. "He continues to be fully committed to Ashmore in his current role," Ashmore said in a statement. Last October, Coombs came under fire from shareholders after proxy advisory firm Institutional Shareholder Services (ISS) recommended shareholders vote against proposals that would give Coombs more control without offering a takeover p...