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Greenlight Capital took significant stake in Brighthouse during Q3

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Greenlight Capital took significant stake in Brighthouse during Q3

Greenlight Capital Inc. recently became one of the largest institutional owners of a newly public life insurance and annuities company.

According to its most recent 13-F filing, Greenlight Capital owned nearly 6.8 million common shares of Brighthouse Financial Inc for a market value of $413.0 million as of the end of the third quarter.

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Brighthouse began trading on the Nasdaq Stock Market on Aug. 7, when MetLife Inc. completed the spinoff of its domestic retail business. MetLife common shareholders received one share of Brighthouse for every 11 shares they owned of MetLife as of the close of business on July 19.

Greenlight Capital did not own any common shares of MetLife as of the end of the second or third quarters, SEC filings show. Metlife Investment Advisors LLC and Vanguard Group Inc. are the largest owners of Brighthouse's common shares, holding 23.2 million shares and 8.6 million shares, respectively.

In total, MetLife Investment, Vanguard Group, Greenlight Capital and BlackRock Inc. held 44.9 million Brighthouse common shares, or a 37.46% of all shares outstanding, for a combined market value of $2.73 billion.

Wellington Management Group LLP held 43.8 million shares of MetLife on June 30, which puts it in the top five institutional owners of the insurer. Based on a pro-forma calculation, Wellington could have received almost 4.0 million shares of Brighthouse on the July 19 record date. As of the end of the third quarter, however, Wellington only owned 1.8 million shares of Brighthouse. It also had increased its stake in MetLife by more than 10 million shares.

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