In 1988, he received a Bachelor of Arts degree magna cum laude in the Committee on Degrees in Social Studies from Harvard College. As of March 2018, Pershing Square held a 10.3% stake in Chipotle. [27], On April 27, 2016, Ackman, along with Valeant Pharmaceuticals' outgoing CEO, J. Michael Pearson, and the company's former interim CEO, Howard Schiller, testified before the United States Senate Special Committee on Aging. Please check back soon for updates on our upcoming events. The day the letters were released, the company's stock dropped 14%. He also cautioned U.S. companies to stop stock buyback programs because “hell is coming.”[62], Ackman later received criticism for actively buying discounted equity stakes in the very companies he was warning could fail;[63] however, Ackman already had realized roughly half of the gains before appearing during the CNBC interview. As of September 2019, the fund returned 54.5% with a share price of $19.10, the highest since January 2016. William Ackman is the CEO and Portfolio Manager of Pershing Square Capital Management, L.P., an SEC registered investment adviser founded in 2003. © 2021 Pershing Limited. William Albert Ackman (born May 11, 1966) is an American investor and hedge fund manager.He is the founder and CEO of Pershing Square Capital Management, a hedge fund management company. 2019 Pershing Limited Gender Pay Gap Report, Solutions for Wealth Managers and Advisers, Client Focus: Putting the client at the centre of all that we do, Integrity: Acting with the highest ethical standards for our company, our employees and our clients, Teamwork: Fostering collaboration and diversity to empower employees to build relationships and deliver insights, Excellence: Setting the standard for leading-edge solutions, innovation and continuous improvement, Leave policies and schemes designed to assist with both personal and family responsibilities, Flexible work arrangements (subject to business requirements). Balance—It's what we all strive to achieve. At a panel meeting discussing Bernie Madoff in January 2009, Ackman defended his longtime friend Ezra Merkin, saying, "Has Ezra committed a crime? Thank you for your interest. [6] In 2005, Pershing bought a significant share in the fast food chain Wendy's International and successfully pressured it to sell its Tim Hortons doughnut chain. [45][46][47] According to an unnamed source speaking to the New York Post, the video had previously been subpoenaed by federal investigators. Ackman married Nexi Oxman, a professor in MIT's Media Lab in January 2019, after finalizing his divorce from his longtime wife Karen. [66], Research published at the University of Oxford characterizes Ackman's activities with Canadian Pacific Railway as paradigmatic of "engaged activism", which is longer-term in nature with correlated benefits to the real economy, and distinct from shorter-term "financial activism". Specific assistance in our wellbeing schemes varies from country to country and may include, depending on location: Looking for a new career opportunity? It is not intended for use by the general public. [24], Ackman started buying J. C. Penney shares in 2010, paying an average of $22 for 39 million shares or 18% of J.C. Penney's stock. [76], In 2006, Ackman, and then wife Karen, founded the Pershing Square Foundation to support innovation in economic development, education, healthcare, human rights, arts and urban development. All rights reserved. [41][42] In 2014, Senator Ed Markey wrote letters to federal regulators, including the FTC and the SEC, demanding they open an investigation into Herbalife's business practices. We use cookies to improve your experience on our websites. [23] PSH reported 17.1% in returns since inception (Dec. 2012 – November 2017) under Ackman's management, 80% below the S&P 500. [6] By 2002, Gotham had become entrenched in litigation with various outside shareholders who also owned an interest in the companies in which Gotham invested. [46] In an interview with Bloomberg, Ackman predicted that the company would experience an "implosion" in 2015 or early 2016, citing federal scrutiny and debt. William Ackman is the CEO and Portfolio Manager of Pershing Square Capital Management, L.P., an SEC registered investment adviser founded in 2003. Pershing Square is a concentrated research-intensive fundamental value investor in long and occasionally short investments in the public markets. [5], Ackman was raised in Chappaqua, New York, the son of Ronnie I. [64], In June 2020, Ackman's Pershing Square Tontine Holdings, Ltd, filed $3 billion for the largest-ever blank-check company IPO. We understand that our clients’ success, and our own success, starts with our employees. [83], Ackman married Karen Ann Herskovitz, a landscape architect, on July 10, 1994, and they have three children: Eloise Ackman, Lucy Ackman, and Liza Ackman. Pershing Square Capital Management Lp Jobs (52 Jobs) Pershing Square... Career Pershing Square... Interview Pershing Square... Salary Pershing Square... Resume. [44] Later that month, Pershing Square Capital released a 2005 Herbalife distributor training session, in which an employee described high turnover rates and implied that the company's business model was not sustainable. Our benefits include pension contributions, health insurance, and a flexible benefits scheme which allows you to vary your pay or benefits to satisfy your personal requirements. [citation needed], In December 2012, Pershing Square Capital Management launched a new closed-end fund called Pershing Square Holdings, which raised $3 billion in an October 2014 IPO on Amsterdam's Euronext stock market. Discuss Among Yourselves", "Merkin charged with civil fraud in Madoff case", "Ackman Fund's I.P.O. Pershing Square Capital Management, L.P. operates as an investment advisory firm. [1][31] According to Institutional Investor, Ackman made an estimated $1.4 billion in 2020.[32]. [12], In 1992, Ackman founded the investment firm Gotham Partners with fellow Harvard graduate David P. Global investments company providing investment management and investment services to institutions, corporations and individual investors. Freshness Last 24 hours Last 7 Days. [81], Ackman endorsed Michael Bloomberg as a prospective candidate for President of the United States in the 2016 presidential election. Global investments company providing investment management and investment services to institutions, corporations and individual investors. "[49][50] In March 2015, U.S. District Judge Dale Fischer, in Los Angeles, California, dismissed a suit filed by Herbalife investors alleging the company is operating an illegal pyramid scheme. Enterprise data management, performance reporting, data warehousing, business imaging and workflow solutions for financial institutions. The information provided on the investor call is subject to change without notice. Pershing Square is a concentrated research-intensive fundamental value investor in long and occasionally short investments in the public markets. [39][40], Former Rep. Bob Barr (R-GA) called on Congress to investigate Ackman's use of public relations and regulatory pressure in his short campaign, and Harvey L. Pitt, a former chairman of the Securities and Exchange Commission, has questioned whether Ackman aims to move the price rather than spread the truth. [82] He is a longtime donor to Democratic candidates and organizations, including Richard Blumenthal, Chuck Schumer, Robert Menendez, the Democratic National Committee, and the Democratic Senatorial Campaign Committee. Ackman’s hedge fund has also pledged between $1 billion and $3 billion to any deal. Ackman called for a division between MBIA's bond insurers' structured finance business and its municipal bond insurance business. Our purpose rests on four core values and our shared commitment to living those values each and every day: To ensure the next generation of our leadership continues our culture of innovation and client focus, we have established a number of innovative initiatives, including a reverse mentoring programme, a Millennial Advisory Board and participation in the Women's Initiative Network. [52], Ackman's position on Herbalife led to a discussion on live television with Herbalife supporter Carl Icahn for nearly half an hour on CNBC on January 25, 2013. As a result of these changes, his firm Pershing Square returned 58.1% in 2019, which Reuters says qualified it as "one of the world’s best performing hedge funds" for 2019. [59] The hedge was effective, generating $2.6 billion in less than one month. [65], In a November 2020 interview, Ackman said that he had grown concerned about COVID-19 because he had seen the film Contagion and offered qualified praise for Trump's presidency, saying that Trump has "done a lot of good. We understand that our clients' success, and our own success, starts with our employees. CEO & Portfolio Manager, Pershing Square Capital Management, L.P. William Ackman is the CEO and Portfolio Manager of Pershing Square Capital Management, L.P., an SEC registered investment adviser founded in 2003. [2][3], As of 2013, Ackman owned a Gulfstream G550 business jet. 137 Hedge Fund jobs available in Pershing Square, CA on Indeed.com. That's why we invest in our people's talents and wellbeing, so that each person can reach his or her fullest potential, both professionally and personally. In August 2013, Ackman's two-year campaign to transform the department store came to an abrupt end after he decided to step down from the board following an argument with fellow board members. "[56], In November 2017, Ackman told Reuters that he had covered his short-sell position, but would continue to bet against Herbalife using put options with no more than 3% of Pershing Square's funds. Please be advised that calls may be recorded for training, monitoring, regulatory and verification purposes. [25], In a statement dated August 27, 2013, Pershing Square reported that it had hired Citigroup to liquidate the 39.1 million shares the firm then owned of the Plano, Texas-based department-store chain at a price of $12.90 per share, resulting in a loss of approximately $500 million. The prominent manager cut one investor relations executive and two investor services executives at his New York-based Pershing Square Capital Management … Advisory Board. On November 22, 2013, Ackman admitted on Bloomberg Television that Pershing Square's open short position in Herbalife was "$400 million to $500 million" in the red, but that he wouldn't be squeezed out and would hold the short "to the end of the earth. "Each person contacted by The Times acknowledged in interviews that they wrote the letters after being lobbied by representatives from Pershing Square, or said they did not remember writing the letters at all. Billionaire Bill Ackman of hedge fund Pershing Square Capital Management is in the process of listing a massive, $4 billion publicly-traded pool of capital to … (née Posner) and Lawrence David Ackman, the chairman of a New York real estate financing firm, Ackman-Ziff Real Estate Group. Pershing Square Capital Management, L.P. receives fees for acting as manager of the Pershing Square Entities and, accordingly, the views and opinions expressed by members of Pershing Square Capital Management, L.P. should not be considered as independent. We believe that wellbeing requires a 360° view that encompasses all of these aspects and more. In 2019 the fund returned 58.1%. Ackman blamed the poor performance on their new CEO.[6]. In 2018, Ackman dumped $500 million into the publicly traded arm of Pershing Square Capital Management stating it was significantly undervalued at roughly $15 a share. Get instant account info, documents, quotes, news and research. His thesis was "Scaling the Ivy Wall: the Jewish and Asian American Experience in Harvard Admissions. Instead, they wanted to buy products at a discount for personal use. We provide the benefits you need while standing behind you every step of the way. Pershing Square is a concentrated research-intensive fundamental value investor in long and occasionally short investments in the public markets. This site provides information for investment professionals. In response to Fischer's ruling, Herbalife stock rose approximately 13%. Job Type Full-time Part … About us Pershing Square Capital Management, L.P. is a concentrated, research-intensive, fundamental value investor in the public markets. Whalewisdom has at least 74 13F filings, 206 13D filings, 43 13G filings, and 17 Form 4 filings Their last reported 13F filing for Q4 2020 included $10,002,979,000 in managed 13F securities and a top 10 holdings … [69], After weak performance in 2015–2018, Ackman told investors in January 2018 that he was going to go back to basics by cutting staff, ending investor visits that were eating into his time, and hunkering down in the office to do research. We are committed to cultivating a diverse, world-class team that is home to some of the sharpest and most innovative minds in the investment industry. pay bills. Eight years later, the Court forced Icahn to pay $4.5 million, plus 9% interest per year since the date of the sale. [8][9][10] [47][48], On March 12, 2015, The Wall Street Journal reported that prosecutors in the Manhattan U.S. attorney's office and the FBI were investigating whether people hired by Ackman "made false statements about Herbalife's business model to regulators and others in order to spur investigations into the company and lower its stock price. Ackman sued. Icahn paid $80 per share. [57], On February 28, 2018, Ackman exited his near billion-dollar bet against Herbalife after the company's stock price continued to rise, choosing to build his position in United Technologies instead. [77][78] The foundation is a major donor to Planned Parenthood. He is the founder and CEO of Pershing Square Capital Management, a hedge fund management company. I don't think so," and "I think [Merkin] is an honest person, an intelligent person, an interesting person, a smart investor. Ackman", "As If by Design, Their Connection Was Inevitable", "Jews take 5 of top 6 spots in annual list of top US givers", "Scaling the ivy wall: the Jewish and Asian American experience in Harvard admissions", "Bill Ackman's Pershing Square Files 13D on Borders, Covers MBIA Short", "Here's the 'Shmuck Insurance' Contract that Carl Icahn Just Mentioned on CNBC...", "Hedge Fund Peers Come to Merkin's Defense", "Despite Madoff, Merkin Still Has Some Defenders", "Is Madoff Not So Good for the Jews? Pershing Square Holdings, Ltd is a Guernsey-based investment holding company structured as a closed-ended fund. Pershing Square Capital is a New York based hedge fund managed by Bill Ackman. Releases Letter to Investors", "Ackman Has Big Win on Bearish Market Bet", "Investor Bill Ackman advises Trump to shut down the country, saying stock market 'will soar, "Bill Ackman says accusations he tried to drive down market in interview are 'absurd, "Bill Ackman Defends CNBC Interview and $2.6 Billion Profit in Letter to Investors", "Ackman seeks $3 billion for largest-ever blank-check company", "Billionaire investor Bill Ackman discussed his pandemic hedge, praised Trump, and explained his Berkshire Hathaway exit in a recent interview. By continuing you are giving consent to cookies being used. At Pershing, we are seeking people who have a lot to offer—because we have a lot to offer you. [34] To make the distinction clearer, the company announced on its June 2013 earnings call that it would begin referring to these discount buyers as "members" rather than "distributors." [6], Despite an ongoing probe of his trading by New York state and federal authorities, in 2002 Ackman began research challenging MBIA's AAA rating. Although they did not win the deal, the bid generated increased interest in Gotham from investors, which led to $500 million in assets by 1998. Bill Ackman's: Pershing Square Capital Management Louis Bacon's: Moore Capital Management Bruce Berkowitz's: Fairholme Capital Management Warren Buffett's: Berkshire Hathaway Steven Cohen's: Point72 Asset Management Chase Coleman's: Tiger Global Management Leon Cooperman: Cooperman Leon G Ray Dalio's: Bridgewater Associates Learn More. [60], On March 18, 2020, in an emotional interview with CNBC, Ackman called upon President Trump for a "30-day shutdown" of the American economy to slow the spread of coronavirus and minimize loss of life and ensuing economic destruction resulting from the shutdown. At Pershing, we look for people who have a lot to offer—because we have a lot to offer you. [4] Ackman has been considered an engaged activist investor, which is long-term in nature. [36] By May 2013, Icahn owned 16.5% of the company. It's not simply a state of mind, our physical health, work situation or the environment. The Filer is a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended, and is the investment adviser to each of Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the Pershing Square … Make trades, Markey later told the Boston Globe that his staff had not informed him that Ackman stood to benefit financially from his actions and defended the letters as a matter of consumer rights. According to the article, groups such as the Hispanic Federation and the National Consumers League sent federal regulators numerous letters. Related Jobs. "[11] In 1992, he received an MBA from Harvard Business School. [5], Ackman has said that his most successful investments have always been controversial, and that his first rule of activist investing is to "make a bold call that nobody believes in". [29][30], According to Forbes Magazine, Ackman has a net worth of US$1.9 billion as of July 25, 2020, ranking him No. Berkowitz. Use the BNY Mellon job search tool to find our current job openings. Mr. Ackman's team also then started to make payments totaling about $130,000 to some of these groups, including the Hispanic Federation — money he said was being used to help find victims of Herbalife. William Albert Ackman (born May 11, 1966) is an American investor and hedge fund manager. 1. [17] In December 2010, his funds held a 38% stake in Borders Group and on December 6, 2010, Ackman indicated he would finance a buyout of Barnes & Noble for US$900M. It has been estimated that the total cost of the position, including direct stock purchases and 9.1 million shares that were underlying stock options traded with Nomura Global Financial Products, was $4.6 billion, leading to a substantial loss. [28] The testifying panel answered questions related to the committee's concerns about repercussions to patients and the health care system posed by Valeant's business model and controversial pricing practices. In April 2004, HRPT Property Trust acquired Hallwood, paying $136.16 per share. Pershing raised $4 billion for Pershing Square Tontine Holdings Ltd., the largest SPAC IPO to date. [citation needed] From 2012 to 2018, Ackman held a US$1 billion short against the nutrition company Herbalife, a company he has claimed is a pyramid scheme designed as a multi-level marketing firm. [84] On December 22, 2016, it was reported that the couple had separated. And, it's a priority in everything we do. [51] Herbalife and the FTC reached a settlement agreement in July 2016, ending the agency's investigation into the company. After a dispute over executive succession that led Ackman to sell his shares at a substantial profit, the stock price collapsed, raising criticism that the sale of Wendy's fastest-growing unit left the company in a weaker market position. [35], A few months after Ackman's initial comments, billionaire investor Carl Icahn challenged Ackman's comment in a public spat on national TV. Under the terms, Icahn owed Ackman investors about $4.5 million, but he refused to pay. At an investor conference in January 2013, the company released results of a Nielsen Research International survey showing 73% of Herbalife distributors never intended to make money by reselling the product. Ackman bought credit default swaps against MBIA corporate debt and sold them for a large profit during the financial crisis of 2007–2008. Here are the 19 best quotes", "Bill Ackman's Rules For Investing Like a Maverick", "Betting on Zero: Herbalife doc feeds investors' feud as director claims 'dirty tricks, "Ackman avoids limelight even as Pershing Square posts record 2019", "The Knowledge Project #82 — Bill Ackman", The Center For Jewish History: "Single Largest Fund-Raising Effort Since Building was Completed in 2000", The Chronicle of Philanthropy: "A Brash Hedge-Fund Manager Applies His Tactics to Philanthropy" By Caroline Preston, Business Insider: "What The Richest People On Wall Street's Charity Donations Say About Them" by Mamta Badkar and Courtney Comstock, The Jewish Week: "History Center In The Black" by Tamar Snyder, Jewish Voice New York: "Jewish Billionaires Join Group Pledging Majority of Their Wealth to Charity" by Sholom Schreiber, "New hedgie standoff: 'frenemies' Bill Ackman and Dan Loeb compete in charitable giving", "America is burning but Michael Bloomberg can put out the fire", "WEDDINGS; Karen Herskovitz, William Ackman", "Carl Icahn, Bill Ackman and their Private Jets | CNBC Delivering Alpha", "Activist investor Bill Ackman is engaged to rockstar professor Neri Oxman", "Brad Pitt’s MIT Professor Crush Neri Oxman Gives Birth to Her First Child", "Hedge fund manager told Joi Ito to keep his wife's name out of Jeffrey Epstein saga", "A meeting with Jeffrey Epstein led to a gift — and, now, regrets", "MIT once gifted Jeffrey Epstein with bizarre, giant marble: report", https://en.wikipedia.org/w/index.php?title=Bill_Ackman&oldid=1010135736, American chief executives of financial services companies, Pages with non-numeric formatnum arguments, Articles with unsourced statements from April 2020, Wikipedia articles needing context from September 2019, Wikipedia introduction cleanup from September 2019, Articles with unsourced statements from March 2020, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 3 March 2021, at 23:53. Wendy's spun off Tim Hortons through an IPO in 2006 and raised $670 million for Wendy's investors. As Icahn continued to buy up HLF shares, the stock price continued to show strength. "[21] A settlement was reached in June 2012 requiring Merkin to pay $405 million to victims including the Metropolitan Council on Jewish Poverty. [58], Ahead of the 2020 stock market crash, Ackman hedged Pershing Square's portfolio, risking $27 million to purchase credit protection, insuring the portfolio against steep market losses. [33] Ackman disclosed that his hedge fund, Pershing Square Capital Management, sold short the company's shares directly (not with derivatives) starting in May 2012, causing Herbalife's stock price to drop. [38], In 2014, Ackman spent $50 million on a public relations campaign against Herbalife, which was designed to hurt the company's stock price. By clicking the proceed button below, you will leave this website and go to another website. In December 2007, his funds owned a 10% stake in Target Corporation, valued at $4.2 billion through the purchase of stock and derivatives. [53][54][55] During the segment, Icahn called Ackman "a crybaby in the schoolyard" and claimed that going public with his short position would eventually force Ackman into the "mother of all short squeezes". Refine Search All. Login to LinkedIn to keep in touch with people you know, share ideas, and build your career. data, news, research, CRM, marketing resources and more. [80], In July 2014, Challenged Athletes Foundation, which provides sports equipment to those with physical disabilities, honored Ackman at a gala fundraiser at the Waldorf Astoria hotel in New York City for helping raise a record $2.3 million. They agreed to a "schmuck insurance", under which, if Icahn were to sell the shares within 3 years and made a profit of 10% or more, he and Ackman would split the proceeds. [6] In 1995, Ackman partnered with the insurance and real estate firm Leucadia National to bid for Rockefeller Center. Manage your business, connect to and onboard clients, run reports. On the day of the settlement, Fortune estimated that Ackman lost $500 million. Albridge Enterprise data management, performance reporting, data warehousing, business imaging and workflow solutions for financial institutions. [85], In 2018, Ackman became engaged to Neri Oxman. He reported covering his short position on MBIA on January 16, 2009, according to the 13D filed with the SEC. Ackman has been considered an engaged activist investor, which is long-term in nature. [75], Ackman's foundation donated $1.1 million to the Innocence Project in New York City and Centurion Ministries in Princeton, N.J.[73] He is a signatory of The Giving Pledge, committing himself to give away at least 50% of his wealth to charitable causes. [86] In January 2019, Oxman and Ackman married at the Central Synagogue in Manhattan,[8] and they had their first child together in spring 2019. Bill Ackman’s Pershing Square Capital Management reported a second straight record performance in 2020, as a bet in the early days of the pandemic helped the fund return 70% on … Apply to Investment Banking Analyst, Associate, Investment Banker and more! [28] Ackman opened his testimony saying, "As a shareholder of Valeant, I recognize my investment was an… endorsement of Valeant’s strategy. And 2021 is off to a … 391 on the Forbes 400. [87], In late 2019, emails obtained by The Boston Globe showed Ackman requesting that the then MIT Media Lab director avoid naming his wife (Oxman) when responding to press inquiries about a $150,000 gift given to her lab in 2015 by Jeffrey Epstein. [61] Ackman warned that without intervention, hotel stocks were “going to zero” and said that America could “end as we know it." Bill Ackman founded and runs Pershing Square Capital Management. The Company offers portfolio management and consulting services to private investment funds. [70], Ackman has said that he admires short sellers such as Carson Block of Muddy Waters Capital and Andrew Left of Citron Research. [37] That number had declined to 6.4% by November 2013. Pershing Square Capital Management has met the qualifications for inclusion in our WhaleScore system. "[28] Ackman sold his remaining 27.2 million share position in Valeant to the investment bank Jefferies for about $300 million in March 2017. [71], Ackman has given to charitable causes such as the Center for Jewish History,[72] where he spearheaded a successful effort to retire $30 million in debt, personally contributing $6.8 million. [16], In 2004,[1] with $54 million from his personal funds and from his former business partner Leucadia National, Ackman started Pershing Square Capital Management. Pershing Limited, a subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). [88][89][90][91], Learn how and when to remove this template message, "Billionaire investor Bill Ackman and wife in 'big-money divorce, "Bill Ackman reportedly splitting with wife in big-money divorce", "Ackman boosts stake in drugmaker Valeant", "Eclipse of the Public Corporation Revisited: Concentrated Equity Ownership Theory", "Miss Ronnie I. Posner Bride of L.D. [26] In January 2015, LCH Investments named Ackman one of the world's top 20 hedge fund managers after Pershing Square delivered $4.5 billion in net gains for investors in 2014, bringing the fund's lifetime gains to $11.6 billion since its launch in 2004 through year-end 2014. [8] In 2011, the Ackmans were on The Chronicle of Philanthropy's "Philanthropy 50" list of the most generous donors. [citation needed] His most notable market plays include shorting MBIA's bonds during the financial crisis of 2007–2008, his proxy fight with Canadian Pacific Railway, and his stakes in the Target Corporation, Valeant Pharmaceuticals, and Chipotle Mexican Grill. [6][7] He is Ashkenazi Jewish. [73][74] This donation and those of Bruce Berkowitz, founder of Fairholme Capital Management, and Joseph Steinberg, president of Leucadia National, were the three largest individual gifts the center has ever received.