Hedge fund manager Edward Lampert took out $393 million of shares in AutoNation to meet client withdrawals from his firm.
Bloomberg reported that Lampert’s ESL Partners distributed 9.09 million of its shares in the car dealership to investors on June 10. The firm also used part of its stake in Orchard Supply Hardware Store to meet client redemptions.
The article said that the withdrawals can be attributed to the decline of Sears Holdings Corp., which Miami- based ESL is the largest shareholder.
Founded in 1988 with $28 million in capital, ESL Investments currently has about $5 billion in AuM.