HONG KONG (Reuters)- Absent from a last minute deal to scoop up Bear Stearns on the cheap was an investor group that’s spent a lot of money on Wall Street lately.
Sovereign wealth funds appear to have steered clear of the deal to rescue the bank, which JPMorgan Chase & Co. agreed to buy for a mere $2 per share on Sunday — or one-fifteenth of Bear’s stock price on Friday.
With no money coming from the Middle East or Asia in the latest deal for a struggling Wall Street bank, analysts said on Monday that sovereign funds are likely to keep away from U.S. financial assets for now.
