A Texas-headquartered investment manager has spent as much as $1 billion buying up Commonwealth Bank shares over the past fortnight, helping push the market capitalisation of the lending giant over $300 billion.
Fisher Investments, founded by billionaire stockpicker Ken Fisher in 1979, manages more than $US299 billion ($459 billion) for thousands of clients. Sources said Fisher was buying on behalf of clients who wanted to increase the exposure of their share portfolios beyond volatile markets in the United States.
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Joyce Moullakis writes on banking and finance, specialising in investment banking, private equity, and financial services. Connect with Joyce on Twitter. Email Joyce at joyce.moullakis@nine.com.au
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
