Hedge fund Elliott Management shifts to elephant hunting as fund size balloons

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Activist hedge fund Elliott Management used to make its living forcing little-known enterprise software companies to sell themselves. Now, with more than $40 billion under management, Elliott is agitating for change at some of the world's largest companies.

The change was driven at least in part by Elliott's growth. The fund's assets under management this year are about $42 billion -- doubling from 2012, includingin 2017. The smaller transactions no longer move the needle like they once did.

The bigger targets have required the firm to adjust its tactics. Elliott has had to be more collaborative, working with companies that have no obvious buyers given their size. But Elliott, and especially Cohn, have earned a reputation for finding cash-rich private equity funds hungry for acquisitions and attacking vulnerable publicly traded companies without controlling shareholders.

 

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