Lewis bullish on Bear Stearns stake

Billionaire Joseph Lewis has raised his stake in Bear Stearns to 8.01%, according to a filing with the SEC.
DEC 07, 2007
Billionaire Joseph Lewis has raised his stake in The Bear Stearns Cos. Inc. to 8.01%, according to a filing with the Securities and Exchange Commission. That’s up from 6.97% in September, when the 70-year-old currency trader purchased more than eight million shares and became a major shareholder. At the time, he paid an average of $106 per share, fueling speculation as to whether Mr. Lewis was pitching a takeover of the bank. Subsequent published reports, however, indicated that this was not the case. Mr. Lewis’s additional stake averaged around $119 per share and was purchased between Oct. 19 and Dec. 5. The purchase of the 2.28 million shares totaled to $272 million. He and his funds Cambria Inc., Darcin Inc., Mandarin Inc., Nivon Inc. and Aquarian Investments Ltd. all own shares of the beleaguered firm. Mr. Lewis is the second-largest stake owner in the firm after Barrow Hanley Mewhinney & Strauss, an investment firm in Dallas, according to Bloomberg.

Latest News

Corient adds $5B New York multi-family office Seven Bridges
Corient adds $5B New York multi-family office Seven Bridges

The deal extends the acquisitive mega-RIA's rapid 2026 expansion as industry consolidation hits record levels nationwide

Navigating the straight
Navigating the straight

As recent Middle East tensions put the Strait of Hormuz back in focus, a structured process with purpose can help protect investors against their natural self-sabotaging tendencies in choppy markets.

Commonwealth-affiliated Longwave hires LPL staffer amid Pacific Northwest expansion
Commonwealth-affiliated Longwave hires LPL staffer amid Pacific Northwest expansion

ESG-focused Longwave Financial, a Commonwealth-affiliated firm approaching $1B AUM, acquired Seattle-based MG Financial and added a client services hire from LPL.

Securitize becomes RIA as tokenized assets near $37B record
Securitize becomes RIA as tokenized assets near $37B record

Tokenization goes mainstream with regulators watching prompting some firms to take a proactive approach.

Global tax reforms may offer US expats rare window of relief
Global tax reforms may offer US expats rare window of relief

A new Deloitte survey of 1,010 tax leaders finds OECD reforms and Safe Harbour rules could ease cross-border tax burdens for Americans abroad.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income