Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter