Omega Sells Off Bank Stocks

Aug 14 2012 | 12:41pm ET

Omega Advisors has drastically cut its exposure to U.S. banks.

The New York-based hedge fund sold down its stakes in JPMorgan Chase and Citigroup in the second quarter, and sold off its entire 6.5 million stake in Bank of America Corp.

Omega had added to its investment in JPMorgan in the first quarter, bringing its total stake in the bank to 2.22 million shares. But it sold more than half of that holding in the second quarter.

Omega also sold off its positions in Andarko Petroleum Corp., Seagate Technology, the SPDR Gold Trust exchange-traded fund and Verisign Inc. The $6 billion hedge fund put some of that money to work on new investments in Express Scripts Holding and Watson Pharmaceuticals.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note