The Caisse de dépôt et placement du Québec has sold most of its holdings in a number of U.S. banks and brokerages.
The sales were announced in a regulatory filing with the Securities and Exchange Commission.
By the end of September, the Caisse had sold all of its 313,868 shares of Bank of America and 8,419 shares of Bear Stearns that were held on June 30, 2007.
The pension fund also reduced its interests in Citigroup, JPMorgan Chase, Merrill Lynch, and Morgan Stanley. All six of these banks and brokerages have announced major write-downs as a result of the subprime mortgage mess.
The Caisse didn’t stay away from all U.S. financials though. It upped its stake in Wachovia to 7,266,000 shares, up from 6,157,425 shares.
To read the Caisse’s filing on the SEC’s website, click here.
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