Tuesday, 22 July 2014
Last updated 32 min ago
Sep 5 2013 | 1:20pm ET
A brutal summer for Pershing Square Capital Management has nearly wiped out the firm's 2013 gains.
The activist hedge fund lost another 3.6% in August, Reuters reports. Coupled with its 2.2% drop in July, the loss leaves Pershing Square—which was up about 8% through the middle of July—with a positive return of just 0.3% on the year.
In a letter to investors, Pershing Square chief William Ackman did not specify which investments were responsible for the swoon. But the firm is known to have taken large losses on its $1 billion short against nutritional supplements company Herbalife, and late last month sold off its entire 18% stake in struggling retailer J.C. Penney Co. at a loss of about $500 million.
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…