BOSTON (Reuters) - Activist hedge fund Marcato Capital Management, which has called for cost cuts at Bank of New York Mellon for years, exited its position in the fourth quarter, according to a regulatory filing made on Tuesday.
The San Francisco-based hedge fund, run by Mick McGuire, sold 2.9 million shares some time in the last three months of the year, the so-called 13-F filing showed. It was a roughly 10 percent position for the fund.
Bank of New York Mellon, like many other financial shares, got a boost in November from the unexpected election of Donald Trump to the White House. The shares traded as high as $49.17 in November amid speculation that interest rates would start rising again and help banks earn more.
Marcato bought Bank of New York Mellon shares when they were trading in the low $30 range.
A representative for Marcato declined to comment.
Marcato had been especially critical of Bank of New York Mellon’s management, including Chief Executive Officer Gerald Hassell. The bank had invited activist fund Trian Fund Management, which is significantly larger than Marcato, to join its board in late 2014, avoiding a potentially bitter proxy contest.
Reporting by Svea Herbst-Bayliss; Editing by Tom Brown