Thursday, 25 August 2016
Last updated 4 hours ago
Aug 1 2011 | 11:28am ET
Landsdowne Partners, a European hedge fund with $16 billion AUM, has sold its $850 million stake in Goldman Sachs, according to Reuters.
Citing an unnamed source “close to the situation,” the news agency says Landsdowne’s decision to sell is part of a move out of increasingly regulated investment banks and into retail banks.
Reuters says Landsdowne sold its Goldman stake at the beginning of this year.
Shares in Goldman Sachs have taken a 20% dive this year, as it and other investment banks grapple with the effects of the Dodd-Frank regulations on their proprietary trading. Goldman’s June earnings were significantly lower than predicted.
Lansdowne, which scored big shorting banks during the financial crisis, is also having a difficult year, it’s flagship UK fund is down 11% so far this year.