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Goldman Sachs jumps in and out of F&C

Goldman Sachs jumps in and out of F&C

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%.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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