TheStreet – Hedge fund manager Leon Cooperman is proving to be as prescient as David Tepper by dumping positions in bank stocks like Bank of America and Citigroup during the second quarter.
Cooperman’s Omega Advisors, based in New York, reported assets of $4.4 billion as of June 30, up from $4.2 billion at the end of the first quarter. Cooperman, who previously headed up Goldman Sachs Asset Management before starting Omega Advisors in 1991, smartly sold out of Bank of America and Citigroup before June 30. Cooperman reduced his weighting in financials by 3.6% during the quarter.
