One of Credit Suisse’s biggest shareholders, Harris Associates, has sold off its entire position in the beleaguered bank after two decades at the helm, The...
Swiss lender Credit Suisse appears to have lost one of its biggest investors after a top portfolio manager at Harris Associates, David Herro, reportedly sold off his fund’s two-decade holding in the bank.
After owning as much as 10% of Credit Suisse’s stock last year, Herro has cut the U.S. investment firm’s exposure to the crisis-ridden bank over the last few months to zero, amid concerns over large client outflows, The Financial Times reported on Monday. The money manager initially bought Credit Suisse stock in 2002, sold it all during the 2008 financial crisis and repurchased it a year later.
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