August 5, 2019 / 9:27 PM / 3 months ago

Ackman's Pershing Square exited ADP and UTX investments -source

BOSTON, Aug 5 (Reuters) - William Ackman’s Pershing Square Capital Management has sold its positions in Automatic Data Processing and United Technologies and built a new position in a company whose name has not been disclosed, a source familiar with the matter said on Monday.

Ackman announced the exit from ADP in a letter sent to clients and seen by Reuters on Monday. He said investors earned a 51% return, including dividends, on the investment, which was made roughly two years ago. Pershing Square made $1.2 billion on its investment.

Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler

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