Feb 17, 2019

Tiger Global dumps Barclays stake in blow to Staley

Tiger Global, the US hedge fund that was one of the biggest investors in Barclays, has sold its entire holding, according to people familiar with the matter, in a blow to the bank's efforts to win support for its turnround strategy. The US hedge fund spent more than $1bn to build its stake in Barclays in November 2017, when the bank's shares were trading at about 180p. The company's shares subsequently rallied to touch 217p in March last year but have since lost roughly a quarter of their value. At the time, people familiar with Tiger's decision to build a stake in Barclays said the move was based on the belief that Mr Staley was right to strip the bank back to focus on its UK retail operation and its US-led investment bank. Tiger Global was founded in 2001 by Chase Coleman, the most prominent of the so-called "Tiger Cub" hedge fund managers who learnt their craft while working for renowned industry figure Julian Robertson at his Tiger Management firm in the 1990s. Mr Bramson, who has built a 5.5 stake in Barclays via his Sherborne investment vehicle, has emerged as one of the biggest opponents of Mr Staley's strategy of preserving the company's investment bank - which he describes as a "Black box with too much leverage".

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