Photo: Goldman Sachs
Since the beginning of the year, the Goldman Sachs nobility — 483 partners — sold $108 million in shares, according to Dealbook.In the three months before January, partners sold just over $75 million.
Gregg Felton, who’s Head of Corporate Credit and US & Global Fixed Income in the asset management unit, sold the most out of everyone — $8 million.
After Felton, the next big seller was banker Philippe Altuzarra, who sold about $6 million worth of shares.
In total, “Goldman partners sold 655,120 shares in the two months ending in late January, regulatory filings show,” at about $162 a share.
Since 1999, Goldman’s current and former partners have sold more than $20 billion in shares; current partners presently hold about $10 billion in the bank’s stock.
The sell-off has also resulted in less power for the partners. The total ownership stake in the firm, by its upper echelon dropped to about 10%, down from 11.2%.
“While it is not known why selling has increased in recent months, it is not uncommon for executives at firms to sell shares to diversify their holdings, or even to pay tax bills,” Dealbook reported.