US hedge fund Tiger Global has sold its entire stake worth almost $1 billion (£770 million) in Barclays

According to the Financial Times, the multi-billion dollar hedge fund started reducing its 2.5% interest last summer before selling the final tranche earlier this year. 

The news comes almost exactly a year after it amassed the stake to become the seventh biggest shareholder in the bank. 

The hedge fund made its first move into the bank in November 2017 when shares were trading at 180p. After rallying to 217p in March, shares were hit by the volatility in the final quarter of 2018 and are currently trading on 159.5p. 

The news will come as blow to Barclays chief Jes Staley, who had won the backing from Tiger Global in his battle with activist investor Edward Bramson. 

Barclays is scheduled to publish its full year results later this week.