Hedge fund manager Bill Ackman is buying shares of private equity heavyweight Blackstone Group Inc., according to a person familiar with the matter, as the growing coronavirus pandemic roils markets.
Blackstone slumped 1.6% on Wednesday and has declined 34% over the past month. Competitors including Brookfield Asset Management Inc. and Apollo Global Management Inc. have recorded similar declines.
Ackman said in a CNBC interview earlier in the day that he’s aggressively buying stocks, including Hilton Worldwide Holdings Inc., which his hedge fund Pershing Square Capital Management owns. He also said he expects private equity firms will go bankrupt if the crisis lasts 18 months as the companies in their portfolios will be hit hard.
Forbes earlier reported Ackman’s position in Blackstone.
A spokesman for New York-based Pershing Square declined to comment.
Source: Bloomberg
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