Pershing Square Buys Citi

May 27 2010 | 10:55am ET

Add Pershing Square Capital Management to the roster of hedge funds with big stakes in Citigroup.

The New York-based firm’s founder, William Ackman, said yesterday that the hedge fund has bought 150 million shares of Citi, worth about $600 million. It joins the roughly 100 hedge funds that stocked up on Citi shares in the fourth quarter, among them Appaloosa Management, Brevan Howard Asset Management, Eton Park Capital Management, Paulson & Co., RBS Partners, Renaissance Technologies and Soros Fund Management.

Ackman made his Citi revelation at the end of his speech at the Ira Sohn Investment Research Conference in New York. But having spent so much of his talk talking up mall operator General Growth Properties and the beleaguered ratings agencies—the latter position putting him at odds with Greenlight Capital’s David Einhorn—Ackman said he had no time to explain his bullishness on Citi.

Ackman is no stranger to bold predictions at the Sohn conference. Dow Jones Newswires notes that he used the forum three years ago to correctly warn that MBIA Inc. and Ambac Financial Group would be hit hard by the subprime mortgage crisis.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Looking for a way to keep warm during the cold weather or rather alleviate your cold while under the weather?