UK listed private equity firm 3i Group this morning had not convinced the market of any turnaround in its fortunes, despite its half-year results stating that it has significantly cut gearing at group level, in order to prepare for an improving economy.

Shares in 3i dropped 4% to 267.4p at 9.50 GMT, down from yesterday's close 278.9. This underperformed the FTSE 100, the leading share index that includes 3i, which stayed broadly static. In addition, a senior analyst has labelled elements of the company's results as "disappointing".