London: Tiger Global Management Llc has amassed a stake of about $1 billion in Barclays Plc, according to a person with knowledge of the hedge fund’s investment.

The New York-based firm’s holding now amounts to about 2.5%, the person said, asking not to be identified as the investment hasn’t been publicly disclosed. The purchase makes Tiger Global a top 10 investor in Barclays, the person said. It would be the seventh largest holder, according to data compiled by Bloomberg.

A spokesman for Barclays declined to comment, while officials for Tiger Global in New York could not be reached outside regular business hours on Monday. The Financial Times reported Tiger Global’s investment earlier.

Tiger Global, headed by former Julian Robertson protege Chase Coleman, bought some of its stake in Barclays when the bank’s shares slumped to a 52-week low of less than 180 pence in November, the person said. The investment comes amid Barclays chief executive officer Jes Staley’s strategy to focus on the firm’s US-led investment bank and its UK-based consumer banking operation.

Staley’s bet on investment banking has come under increasing fire from analysts after revenue from trading stocks, bonds and currencies fell 31% in the third quarter, the worst markets performance in his two-year tenure. The CEO has repeatedly said the investment bank has to take on more risk and authorized the recruitment of numerous, and costly, high-profile hedge-fund traders. Bloomberg