UK Hedge Reported To Have Sold Goldman Sachs Stake

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.

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