US hedge fund led by former JP Morgan executive buys stake in Deutsche Bank
A US hedge fund led by former JP Morgan executive Doug Braunstein has taken a 3.1 per cent stake in Deutsche Bank after shares in the embattled German lender reached an all-time low.
Hudson Executive Capital confirmed it had been watching the stock closely for a year and had bought the stake as the bank looks to turn around its fortunes.
It became Deutsche's fourth largest shareholder behind Chinese conglomerate HNA, two Qatari funds that own a joint stake and BlackRock.
Deutsche Bank shares rose three per cent on Thursday but were still down more than 46 per cent over the course of the year.
Chief executive Christian Sewing, who was appointed earlier this year to oversee a restructuring, said: “We welcome Hudson Executive's investment in Deutsche Bank.
“Doug Braunstein and Hudson Executive come with deep backgrounds investing in financial services companies – we appreciate their confidence in our ability to execute on strategic objectives.”