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Lansdowne sells its entire stake in Goldman Sachs

Equity hedge fund manager, Lansdowne Partners, has liquidated its entire $850m stake in Goldman Sachs amidst concerns regarding the global banking sector.

The London-based firm stake represents 10% of the $10bn funds Lansdowne has under management, as per media reports.

According to Financial Times, the decision to sell follows concerns regarding the possible impact of the new US financial legislation especially the Dodd-Frank act on the bank.

The fund manager had in the past sold shares in Goldman Sachs in 2008 ahead of the global banking crisis.

The Europe’s fifth-largest firm had $16bn under management.