US hedge fund Tiger Global sells entire US$1bil stake in Barclays

The hedge fund had invested more than $1 billion (

LONDON: U.S. hedge fund Tiger Global Management has sold its entire stake in Britain's Barclays Plc, the Financial Times reported on Sunday.

The hedge fund, which had a stake of about 2.5 percent in the bank, began reducing its holding last summer before selling the entire stake earlier this year, the report https://on.ft.com/2DRKvnB said, citing people familiar with the matter.

The hedge fund had invested more than $1 billion (£774.8 million) in Barclays and built a stake of about 2.5 percent in November 2017, the FT had reported early last year.

Barclays declined to comment on the FT report. Tiger Global did not respond to a request for comment on Sunday.

The development comes as activist investor Edward Bramson has submitted an application to join the board at Barclays. As of Jan. 29, Bramson's Sherborne Investors held a 5.5 percent stake in Barclays.

Bramson has urged Barclays to reduce resources allocated to its investment bank, Reuters has previously reported. - Reuters