BOSTON (Reuters) - Activist investing firm ValueAct Capital Partners invested $1.2 billion in Citigroup Inc and roughly $1 billion in SLM Corp’s student lender Sallie Mae, according to a letter seen by Reuters on Monday.
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren
In the letter ValueAct sent to clients, the firm said it built its roughly $1.2 billion Citigroup position over the last four to five months and is adding to it “opportunistically.”
ValueAct added that the bank could return about $50 billion in cash to shareholders over the next two years, according to the letter.
Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker