Ackman offloads USD 1.1 bn stake in Pershing Square: US b’naire investor Bill Ackman has offloaded a 10% stake in hedge fund management company Pershing Square in a USD 1.1 bn transaction, according to a statement from the company. The sale, which values the company at more than USD 10 bn, comes ahead of a possible IPO next year that could make the company the first major hedge fund to go public in more than a decade, the Financial Times reports.

The buyers: The stake was sold to a number of strategic investors including US investment management firm ICONIQ Capital, Israeli ins. Company Menora Mivtachim Holdings, and Bermuda-based Arch Capital Group, among others.

A lofty valuation: The stake sale hands Pershing Square a high valuation compared to private equity groups that manage much larger asset pools, the FT writes. The company manages nearly USD 15 bn in assets that generated around USD 155 mn in management fees in 2023. Meanwhile, private equity outfit TPG — which was valued at around a similar USD 10 bn when it went public in early 2022 — generated more than USD 600 mn in management fees the year before its listing.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with the Nikkei and Shanghai Composite in the red, while the ASX 200, Kospi, and Hang Seng are all in the green. US equities futures were comfortably in the green overnight as traders look forward to yet another data dump later today — this time May private payroll data from ADP. Futures for major European benchmarks were all up in overnight trading with the exception of France’s CAC 40.

ADX

8,919

0.0% (YTD: -6.0%)

DFM

3,986

-0.2% (YTD: -1.8%)

Nasdaq Dubai UAE20

3357.9

+0.2% (YTD: -12.6%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.2% o/n

5.4% 1 yr

TASI

11,612

-1.7% (YTD: -3%)

EGX30

26,973

+0.5% (YTD: +8.4%)

S&P 500

5,291

+0.2% (YTD: +25.4%)

FTSE 100

8,232

-0.4% (YTD: +6.5%)

Euro Stoxx 50

4,953

-1.0% (YTD: +9.6%)

Brent crude

USD 77.27

-1.4%

Natural gas (Nymex)

USD 2.77

+0.7%

Gold

USD 2,353.4

-0.7%

BTC

USD 70,399

+1.9% (YTD: +66.6%)

THE CLOSING BELL-

The DFM fell 0.2 % yesterday on turnover of AED 420 mn. The index is down 6.9% YTD.

In the green: Dubai Refreshment Company (+12.1%), Agility The Public Warehousing Company (+6.4%) and Emirates Central Cooling Systems Corporation (+4%).

In the red: Al Salam Sudan(-8.4%), Dubai Islamic Insurance and Reinsurance Company (-4.6%) and Air Arabia (-4.1%).

Over on the ADX, the index was flat on turnover of AED 983.5 mn. Meanwhile Nasdaq Dubai rose 0.2%.

Tags: