Hedge fund manager Bill Ackman has listed his Pershing Square Holdings fund in London. The company launched a share buyback of the fund on Tuesday.
Pershing Square’s listing on the London Stock Exchange FTSE 250, the Premium Segment of the Main Market, will add to its existing listing on the Amsterdam Euronext stock exchange, amid the US investor’s hope to straddle both markets ahead of Brexit.
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Bill Ackman said: “We are delighted to join the Main Market of the iconic London Stock Exchange. The listing will help improve market access and liquidity for PSH. We are excited about the future of Pershing Square and are pleased to introduce PSH to a growing base of investors.”
“It is a significant milestone for the company and the UK fund industry, reinforcing London’s status as a leading global financial centre”, added Nikhil Rathi, CEO of London Stock Exchange plc . “We’re confident Pershing Square Holdings will have access to the deepest pool of international investor capital through London.
“2017’s surge in overall money raised by London listed funds to £2.6 billion is testament to the diversified nature of the funds choosing to list and raise follow-on capital on London Stock Exchange.”
The shares closed in London Tuesday at £12.20, a 15 per cent discount to the group’s most recently published valuation of its investments.
After Pershing Square Holdings losses at Valeant Pharmaceuticals International $4 billion in 2016, Bill Ackman said he will “probably stay away from pharmaceutical companies.”
In April it was revealed Ackman had taken a 9.9% stake in Chipotle Mexican Grill. The Mexican fast-food chain last week posted earnings of $1.60 (£1.23) per share on $1.07 (£870 million) billion in sales.