Monday, 22 September 2014
Last updated 4 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.