Soros backed Goldman Sachs, B of A

Soros backed Goldman Sachs, B of A

Soros Fund Management, the firm that invests the personal fortune of billionaire investor and philanthropist George Soros, took a handful of new positions in financial stocks during the fourth quarter as the sector was buoyed by Donald Trump’s presidential victory.

The New York-based firm disclosed a $14.9m position in Goldman Sachs and made a new bet on Bank of America worth $3.9m. One of its biggest buys during the last three months of 2016 was a call option on the S&P Select Sector SPDR Fund – Financial Sector worth $72.6 million.

A number of asset managers bought into financial stocks during the final months of 2016 after Trump’s surprise victory suggested that tax cuts and a reduction of regulatory burdens plus higher interest rates could benefit the financial sector.  READ MORE: http://www.independent.co.uk/news/business/news/george-soros-fund-management-buys-new-stakes-goldman-sachs-bank-of-america-a7580816.html

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