One of Charles Schwab’s largest investors sold its entire $1.4bn stake in the brokerage giant during last month’s banking turmoil amid fears over paper losses on its bond portfolio following the collapse of Silicon Valley Bank.
GQG Partners, a Florida-based investment firm, had been among Schwab’s top 15 shareholders with 1 per cent of the stock, according to Bloomberg data, and was one of the only active managers with such a large position.
It sold the stake due to concerns over the unrealised losses and that a profit-crimping movement of deposits would affect the brokerage’s future growth.
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