Viking Global Investors Returning $8 Billion to Investors as CIO Steps Down

PUBLISHED BY
Carrie Ann



TAGS:


4 years ago




For the past few years, people across the globe have been cribbing about the financial setbacks they are facing due to the recession. Right from corporate employees to entrepreneurs, almost everyone is affected by the recession in some way or the other. This has not stopped companies from striving hard to expand themselves. We have witnessed remarkable acquisitions and also shutdown of companies. Companies have become cautious about their financial decisions and want to make sure that they cause minimum harm to the money they have and their reputation in the market. Same is the case with Viking Global Investors. The hedge fund firm is returning investments to the respective parties due to change in plans.

Viking Global Investors is one of the largest hedge fund firms in the world. The organization currently manages finances worth $30 billion which makes it such a prominent name globally. The news of returning a huge amount of money to its investors sparked rumors about the downfall of this firm. On further evaluation, one will notice that the company has attained a 7.1 percent rise in the first quarter of 2017. This was a direct rebound after its 4 percent drop in the previous year. This drop was said to be the biggest low ever for the company since it was founded in 1999. Despite this, the company made sure that it will cover the loss and also made a profit.

Viking-Global-Investors

The hedge fund firm is returning investments to the respective parties due to change in plans.

Viking Global Investors loses its CIO

Dan Sundheim has been a part of Viking Global Investors for the past fifteen years. He took reigns as the Chief Investment Officer of the firm in the year of 2014. After the hedge fund firm incurred the biggest loss ever since its inception, Sundheim released news about his departure. The firm announced news about its CIO’s resignation by releasing a letter on Monday. The firm has decided to return $8 billion to its investors as Sundheim is stepping down by the end of this month.

The amount to be returned adds up to be almost a quarter of the capital the firm currently possesses. The announcement letter further elaborated that Viking Global Investors will return a sum of $8 billion to its investors in the beginning of August. This will enable the investors to hold more liquid and smaller positions. The sole purpose behind the resignation of Sundheim is so that he can concentrate on his personal business ventures. This step by the firm can also be an indication that the firm may be in the process of getting smaller in size. Whether this is true or not can be ascertained only when a spokesperson agrees to comment on the same.

Carrie Ann
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook

Recent Posts

Why Is Squid Game So Popular?

Why Is Squid Game So Popular?

The Squid Game segments were watched by at least 132 million people in the first 23 days of the show on Netflix. Know what excited the viewers.
18 hours ago
Amazon under Congressional scrutiny for pushing own products over others

Amazon under Congressional scrutiny for pushing own products over others

US judiciary Antitrust Committee writes a letter saying that Amazon is given time till November 1 to prove that it utilizes seller data available to create competing products and p
2 days ago
Porsche’s Taycan EV outsells ICE powered its 911 sports car

Porsche’s Taycan EV outsells ICE powered its 911 sports car

The Porsche Taycan EV has outsold the Porsche 911 sports car for the first time since it was introduced in 2019 by the German automaker.
3 days ago
Tesla expected to make a killing in Bitcoin profits in next earning report

Tesla expected to make a killing in Bitcoin profits in next earning report

The price of Bitcoins has rallied to another high in October after hitting around $64,800 in April. This time it has hit over $58,000 on Oct. 14.
4 days ago
Tesla Cybertruck V/s Rivian’s R1T

Tesla Cybertruck V/s Rivian’s R1T

The Tesla Cyberturck left many disappointed with its alien space ship-like design; though both trucks are still under production, what matters most is what comes under the hood.
5 days ago
College sports is multibillion dollar industry in the US

College sports is multibillion dollar industry in the US

According to data analyzed by GOBankingRates, head football coaches, closely followed by basketball coaches, easily rack up seven-figure salaries in the US.
6 days ago