Fund manager buys 150m Citigroup shares

1 June 2010

Investor Bill Ackerman has claimed to have acquired 150 million shares in Citigroup.

The investor made the revelation during a speech at the Ira Sohn investment research conference.

Mr Ackerman, a manager at the Pershing Square Capital Management hedge fund, made the comments as an aside during a talk which, according to Market Watch, focused on the future of credit rating agencies.

He was quoted by Reuters as saying: “And by the way, we bought about 150 million shares of Citigroup, but I don't have time to talk about it."

The fund manager did not provide any further comments to support his claim.

Meanwhile, the US Treasury recently announced it made $6.2 billion from selling 1.5 billion of the 7.7 billion shares it owns in Citigroup.

The American government is selling the stock as part of a wider plan to recoup some of the costs it incurred through bailing out the bank during the global credit crisis.

Citigroup borrowed $45 billion through the government’s Troubled Asset Relief Program.

Sales agent Morgan Stanley has been requested to organise the sale of a further 1.5 billion shares in the bank.

By Jim Ottewill

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