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US hedge fund reportedly dumps its entire stake in Barclays

U.S. hedge fund Tiger Global Management has sold all of its stake in British bank Barclays, according to a report by the Financial Times.

The New York-based hedge fund had been one of the top 10 investors in Barclays and held a stake of 2.5 percent in the bank.

It, however, started reducing its position last summer before selling the entire stake this year, the FT reported on Sunday citing anonymous sources.

Tiger was not immediately available for a comment when contacted by CNBC. Barclays declined to comment on the report.

The exit comes at a time when Barclays is facing pressure from activist investor Edward Bramson forcing his way on to the board. Bramson’s Sherborne Investors holds a 5.5 percent stake in the bank.

According to Reuters, Bramson has in the past urged Barclays to reduce resources allocated to its investment units.

Read the full FT report here.

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