February 17, 2019 / 10:14 PM / 10 months ago

U.S. hedge fund Tiger Global sells entire stake in Barclays: FT

FILE PHOTO: A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo

(Reuters) - 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 on.ft.com/2DRKvnB said, citing people familiar with the matter.

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

Barclays declined to comment. Tiger Global said it had no comment on the FT report.

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 previously reported.

Reporting by Kanishka Singh in Bengaluru; Editing by Sandra Maler and Peter Cooney

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