Goldman Sachs bought and swiftly sold a large stake in F&C Asset Management just before the meeting to approve its takeover.
According to disclosures this week, on 19 March Goldman Sachs took its position in F&C from below 3% to 6.6%, worth around £47 million. Then on 21 March Goldman Sachs reduced that back below 3%.
F&C’s share price traded in a narrow band of between 122p and 120.7p through the period, implying a maximum possible loss for Goldman Sachs of 1.1%.
Had Goldman Sachs bought at the lowest possible share price on 19th and sold at the highest possible point on the 21st, it would have recorded a 0.4% gain.
On 25 March F&C shareholders accepted Bank of Montreal’s offer to acquire the company for £708 million.
Since the deal was first revealed in January, F&C’s share price has surged by 29%.