Tuesday, 29 July 2014
Last updated 5 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…