Tiger Global Cuts Short Position in Spanish Bank
|January 31st, 2010||
|Less than a week before Banco Popular announced its results from 2009 in January, Chase Coleman’s Tiger Global Management drastically reduced its short position in the Spanish bank’s shares. According to the Financial Times, Banco Popular reported a 27% drop in net profit for 2009, a better figure than investors had expected, and its share prices rose over 6% following the announcement. Before the announcement, Tiger Global had cut its short position in Banco Popular, which had been hard hit by the global economic downturn, from 0.9% in July of 2009 to 0.22% in January of 2010.|
Tiger Global Management is a hedge fund manager that was founded in 2001 by Chase Coleman. The hedge fund was seeded by renowned hedge fund guru Julian Robertson, the founder of Tiger Management.
For Detailed Investor Profiles on these Investors, click below: