Greece, which has said it will not succumb to "speculators," shut the door on banks and hedge funds in its latest bond sale, and dropped Goldman Sachs and other US investment banks as transaction managers. "We targeted real money investors, like insurance companies, mutual funds, instead of banks and hedge funds – we directed the transaction away from them," Petros Christodoulou, the new head of Greece's debt management office, told the Guardian. "I felt that real money investors are more long-term players, whereas [the others] are more short-term." Leaving out hedge funds and banks is "very unusual", said Ashok Shah, chief investment officer at London & Capital. "You need to have a fluid market, and you can rarely place an issue with bond investors who don't trade, they do need the market, and they need the market to be a bit calmer than what it has been."