10 hedge funds pull money out of Deutsche Bank; scrip slides 7%
2 Oct 2016 9:14 PM GMT
Deutsche Bank shares sank seven per cent after news that a number of hedge funds had pulled money out of the German giant amid worries over its financial strength. The move to sell off the German giant’s stock, which affected shares traded in Frankfurt, New York and elsewhere, also helped drag down the US markets overall.
Bloomberg News reported Thursday that about 10 hedge funds that clear trades with Deutsche Bank withdrew some excess cash and derivatives holdings and moved the assets to other firms this week, according to an internal bank document it saw. Bloomberg said the “vast majority” of the bank’s clients have made no changes to their exposure at the bank.
AFP sources knowledgeable of the situation confirmed that 10 hedge funds had pulled funds out,
including Millennium Partners, Capula Investment, and British fund Rokos Capital Management.
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