Monday, 4 May 2015
Last updated 2 days ago
Jan 30 2013 | 1:17pm ET
Activist hedge fund Trian Fund Management has cut its stake in State Street Corp., just over a year after it attacked the bank's management.
The hedge fund, headed by Nelson Peltz, sold down its State Street holdings late last year. It's unclear how much of the stake, once 3.3% of the bank, it sold, but it did so at a profit: Trian bought the shares in the $34 dollar range, and they now stand about $20 higher.
Much of that growth can be attributed to Peltz's "action plan," which called for job cuts, higher dividends and share buybacks.
It is unclear why Trian cashed out of part of all of its State Street investment. The bank's shares are still far below the $99 the hedge fund predicted they could reach if its plans were implemented.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…