Lansdowne purchases BofA stake

16 August 2011

The largest hedge fund in Europe that bets on stocks purchased a number of shares in Bank of America (BofA) in the second quarter of 2011.

Landsdowne Partners made the move while also reducing stakes in JPMorgan Chase and Wells Fargo and Co, Bloomberg reports.

Between April and June, the group bought 5.1 million shares in BofA, while shaving 3.7 million shares off its holdings in Wells Fargo - reducing its stake to 28.3 million shares.

In addition, the hedge fund cut its interest in JPMorgan by 6.8 million shares, meaning its overall number in the bank was downsized to 7.1 million.

The findings have been extracted from a filing with the US Securities and Exchange Commission (SEC), but a spokesman from Lansdowne declined to comment on the matter when questioned by the news agency.

An earlier document handed to the SEC revealed the hedge fund had no shares in BofA - which has been in operation for more than 200 years - when 2011's first quarter drew to a close.

By Claire Archer

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