Friday, 27 March 2015
Last updated 1 hour ago
Oct 30 2013 | 11:47am ET
Europe will catch up with the U.S. in terms of shareholder activism, one of the U.S.'s most prominent shareholder activists said.
Pershing Square Capital Management's William Ackman told an audience at Oxford University's Said Business School that shareholder activism in Europe is about 10 years behind the U.S., where he said corporate boards are more open to suggestions from investors. But that is destined to change, as pensioners seeking better returns "drive shareholder-run activism."
"I think it's going to happen," Ackman said.
Ackman, whose Pershing Square Foundation has endowed scholarships to the Said school, also touched on his two most controversial investments during his speech, nutritional supplements company Herbalife and retailer J.C. Penney Co.
The hedge fund manager said he still believed that Herbalife was a pyramid scheme and "will be shut down" or "collapse." Herbalife this week announced its 16th-straight quarterly profit growth.
And despite losing $500 million on his Penney's investment, Ackman was no less confident, saying that his plans to turn the company around were "right"—although the execution could have been better. Ackman said he was hampered by an uncooperative board, and that the experience taught him not to "go on a board and have one of 11 seats."
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…