Saturday, 29 November 2014
Last updated 21 hours ago
Aug 9 2013 | 10:53am ET
When Pershing Square Capital Management's William Ackman asked the Securities and Exchange Commission to open an investigation into Soros Fund Management, he wasn't merely making trouble for a rival investor. He was making trouble for one of his own clients.
Make that one of his soon-to-be-former clients: Soros is redeeming its entire investment with Pershing Square.
Soros has just $250 million left with Pershing Square, money that is set to be fully returned by early next year.
Soros, which become a family office when founder George Soros returned all outside capital several years ago, made the redemption requests earlier this year—before it took sides in a bitter battle between Pershing Square and Carl Icahn over Herbalife. Soros has taken a large long position in the nutritional supplements company, which Ackman has called a pyramid scheme and made a $1 billion short bet against.
In the wake of Soros' investment, Ackman asked the SEC to look into whether Soros and other investors with whom it had held "idea meetings" on Herbalife constituted a "common group," thereby violating SEC filing requirements. Ackman is said to believe that Soros and others are trying to manufacture a short-squeeze to force him to abandon his short bet.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...