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If this happens, then you must continue to focus on the scale

Schroders, another influential City fund management firm, which two years ago owned 4.6pc, said that its stake in Carillion now amounts to just 0.5pc. Even Blackrock, the world’s biggest fund manager, which is listed on Bloomberg as the company’s largest equity investor with an 8.45pc stake, has taken a position against it, shorting it at the same time as lending out some of its own shares to other funds. In excess of 25pc of Carillion’s shares are being shorted or bet against by a series of major hedge funds, who have profited from the price fall..

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