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Cooperman’s Omega Unloads Stakes in Bank of America, Citigroup

Leon Cooperman, chief executive officer of New York-based hedge fund Omega Advisors Inc., sold all of his Bank of America Corp. (BAC) and Citigroup Inc. (C) holdings in the second quarter as he reduced his financial stakes.

Cooperman sold 794,000 Citigroup shares and 2.54 million Bank of America shares, according to a document filed today with the U.S. Securities and Commission. He sold 247,000 shares of Blackstone Group LP (BX), reducing his position to about 2 million shares as of June 30.

The fund’s equity weighting in financial stocks decreased by 3.6 percent, according to data compiled by Bloomberg.

The firm’s weightings in energy, consumer discretionary and health-care stocks increased. The fund bought 1.55 million shares of Sunoco Inc. (SUN) valued at $59.1 million, doubling its stake with its largest position increase in terms of market value. Cooperman purchased 4.15 million shares of natural-gas pipeline owner El Paso Corp. (EP), his largest new stake.

Money managers overseeing more than $100 million in equities must file a Form 13F within 45 days of each quarter’s end to show U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.

To contact the reporter on this story: Laura Keeley in New York at lkeeley1@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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