George Soros Buys Up Stakes in Goldman Sachs And Bank Of America
New York based firm confirms $14.9m position
Billionaire George Soros's Fund management firm has started buying up stakes in Goldman Sachs and Bank Of America.
The New york based firm disclosed a $14.9m position in Goldman Sachs and also placed a new bet on the Bank Of America worth $3.9m.
The Independent reports: The firm took a handful of new positions in financial stocks during the fourth quarter as the sector was buoyed by Donald Trump's presidential victory.
The New York-based firm disclosed a $14.9m position in Goldman Sachs and made a new bet on Bank of America worth $3.9m. One of its biggest buys during the last three months of 2016 was a call option on the S&P Select Sector SPDR Fund - Financial Sector worth $72.6 million.
A number of asset managers bought into financial stocks during the final months of 2016 after Trump's surprise victory suggested that tax cuts and a reduction of regulatory burdens plus higher interest rates could benefit the financial sector.
Soros recently hired UBS executive Dawn Fitzpatrick to be the firm's chief investment officer, putting a woman in charge of his portfolio for the first time.
Soros sold his entire stake in Procter & Gamble, while Trian Fund Management bought a stake worth $3.5bn in the company.