George Soros buys new stakes in Goldman Sachs and Bank of America

A number of asset managers bought into financial stocks during the final months of 2016 after Trump's surprise victory

Svea Herbst-Bayliss
Wednesday 15 February 2017 09:37
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Financier George Soros said he was "deeply troubled" by the increase in hate crime reports
Financier George Soros said he was "deeply troubled" by the increase in hate crime reports

Soros Fund Management, the firm that invests the personal fortune of billionaire investor and philanthropist George Soros, 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.

Reuters

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