Regal Partners chief executive Brendan O’Connor has sold about 10 per cent of his holding in the funds management business founded by high-profile stockpicker Phil King despite a deep slump in the company’s share price.

O’Connor sold shares worth $3.4 million over four days last week, according to his disclosures. He later told analysts that he was selling to pay a tax bill and to fund building works, and he was committed to the business.