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Barclays climbs after Tiger hedge fund builds stake

By Oliver Haill

Date: Monday 22 Jan 2018

Barclays climbs after Tiger hedge fund builds stake

(ShareCast News) - Shares in Barclays were boosted on Monday after news that a US hedge funds had made a £1bn bet on the bank's rebound.
Tiger Global Management has built up a 2.5% stake in the FTSE 100-listed bank, the Financial Times reported over the weekend.

Tiger's investment was seen as backing Barclays chief executive Jes Staley's plans to sell off non-core assets such as the Africa business focus on its US-led investment banking arm and its UK consumer banking business, the FT said.

Barclays shares fell more than 9% over a mixed 2017, capped by a December announcement that annual post-tax profit will be hit by a one-off charge of around £1bn as a result of the new US tax laws but will see a benefit thereafter.

The bank also expects its group common equity tier 1 ratio to drop by around 20 basis points, while tangible net asset value per share is seen declining by approximately 6 pence.

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