It has completed the sell down in Goldman Sachs and Morgan Stanley.
Bloomberg reports that sovereign wealth fund Temasek Holdings has completed the total sell down of US-listed banks including Goldman Sachs Group and Morgan Stanley in a move that lessens its exposure to assets within close proximity to escalating trade tensions, according to a regulatory filing to the US Securities and Exchange Commission.
The state fund has been steadily decreasing its position in US lenders as it shifts its focus to fintech and new economy investments like PayPal, Visa and Global Payments.
The stake sales also indicate a recalibaration in Temasek’s growth amidst rising trade and political tensions as expansionary fiscal policy in the late cycle could risk a cyclical recession in the US.
Here’s more from Bloomberg:
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