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Goldman Sachs dumps LMAX stake
has sold its stake in the retail trading venue LMAX, which is majority-owned by the sports betting exchange Betfair, bringing to an end its two-year involvement in the initiative and reflecting the difficulty the platform has faced to build significant levels of activity. The US bank has disposed of its 12.5% stake in the platform to Betfair over recent months for proceeds of around £10m, according to sources with knowledge of the situation. Phil Hylander, named as one of Financial News' top 100 most influential people in finance in 2006 and formerly head of the principal strategic investments unit at Goldman Sachs, ... (full story)