© Reuters. FILE PHOTO: A logo of a branch of Germany’s Deutsche Bank is seen in Cologne, Germany, July 18, 2016. REUTERS/Wolfgang Rattay/File Photo
FRANKFURT (Reuters) -The holding by a top investor in Deutsche Bank – Douglas Braunstein of Hudson (NYSE:) Executive Capital – dropped to 3.18% from 0.92%, according to a filing on Friday.
Braunstein, a former finance chief of JP Morgan Chase (NYSE:), invested in Deutsche in 2018, backing Chief Executive Christian Sewing’s efforts to turn around Germany’s biggest bank and making him one its largest shareholders.
Braunstein declined to comment on the reason for the reduction.
Deutsche Bank, whose shares have risen 35% since Braunstein’s investment was announced, said in a statement it was aware of the move, “which we understand is an in-kind distribution to certain” limited partners.
Deutsche Bank reports fourth-quarter earnings on Feb. 1.
This story originally appeared on Investing
