The two founders of RAB Capital, the hedge fund manager, have sold shareholdings worth more than £12.5m (€19m) apiece, a year after floating their company on London's Alternative Investment Market.

Michael Alen-Buckley and Philip Richards, who founded and manage RAB Capital, said their joint sale of 50 million shares at 50p a share, supplemented by the sale of another 7.15m shares by certain other directors and employees, has broadened the company's shareholder base.