Hedge funds dumped European stocks in June, reversing the buying trend seen in the previous month, according to Goldman Sachs Group Inc.’s prime brokerage desk.
The selling was driven by both long positions being unwound and short positions being added in roughly equal amounts, Goldman said. The moves came as European financial markets were jolted by the call for a snap election in France.
The data showed Europe suffered the biggest reduction in overweight positions among regions globally. Funds cut the most exposure to financial stocks, particularly banks, with net selling for that sector the largest since November 2021.
A rally in European stocks stalled last month, with French stocks posting their biggest monthly decline in two years amid political uncertainty. The benchmark Stoxx Europe 600 Index has drifted in the early days of July as investors await parliamentary elections in the UK and the second round of elections in France.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
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