Jan 21, 2018

Hedge fund makes $1bn bet on Barclays rebound

Tiger Global, the US hedge fund, has quietly invested more than $1bn in Barclays in a bet that backs chief executive Jes Staley's plans to turn the British bank from being one of the sector's worst stock market performers to one of its best. Tiger Global bought most of its roughly 2.5 per cent stake in Barclays when the bank's shares slumped to a 52-week low of less than 180p in November, according to a person familiar with the matter. The shares closed on Friday at 200.5p. The hedge fund is also giving a vote of confidence to Mr Staley's strategy of stripping Barclays back to focus on its US-led investment bank and its UK-based consumer banking operation. Tiger Global was founded in 2001 by Chase Coleman, the most prominent of the so-called "Tiger Cub" hedge fund managers who learned their craft while working for renowned industry figure Julian Robertson at his Tiger Management firm in the 1990s. Tiger Global's bullish bet contrasts with the grim view of many investors on Barclays, which was one of the worst performing shares in its sector last year, falling more than 12 per cent while the Stoxx Europe 600 Banks index rose 7.5 per cent.

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