Top Investor Sells Entire Stake in Charles Schwab Amid Banking Turmoil
TL;DR Summary
GQG Partners, a top investor in Charles Schwab, sold its entire $1.4 billion stake in the bank due to fears of unrealized losses on its bond portfolio and a run on deposits. Schwab's stock has dropped over 30% since the start of March, making it one of the worst-hit banks. Despite the turbulence, Schwab reported the second-highest inflows in March in bank history, bringing in more than $54 billion of core net new client assets.
Topics:business#banking-sector#charles-schwab#deposit-withdrawals#finance#gqg-partners#unrealized-losses
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