Thursday, 28 July 2016
Last updated 8 hours ago
Apr 3 2013 | 10:11am ET
Soros Fund Management has moved to redeem several hundred million dollars from Pershing Square Capital Management, amidst several prominent battles for the activist hedge fund.
New York-based Soros has made the withdrawal requests over the last several months, The Wall Street Journal reports. It is unclear why the firm, now a family office, has decided to pull the money from Pershing Square.
What is clear is that Pershing Square and founder William Ackman have been active in recent months. Most notably, Ackman has engaged in a war of words with nutritional supplements company Herbalife, and with longtime nemesis Carl Icahn. Ackman has accused Herbalife of being a pyramid scheme.
While his bet against Herbalife has earned Pershing Square investors a $200 million paper profit, things have gone less well with another of the hedge fund's major investments: retailer J.C. Penney. Ackman has lost about $500 million on paper on Penney, where he's installed a new CEO.