Saturday, 28 November 2015
Last updated 20 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…