MOVES-Pershing Square's Valeant analyst to exit, Ackman optimistic price

Fri Aug 26, 2016 5:48pm EDT
 
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BOSTON Aug 26 (Reuters) - Billionaire investor William Ackman said on Friday that Jordan Rubin, who had worked closely on the controversial investment in battered drug maker Valeant Pharmaceuticals, is leaving the hedge fund.

"Rubin, a member of the investment team, will be departing shortly to pursue a startup venture outside the investment mangement industry," Ackman wrote in a letter sent to investors.

News of Rubin's departure comes roughly three months after William Doyle, another key figure in the bet, left the firm.

Ackman has been invested in Valeant since 2015 and watched the stock price plunge but on Friday he said he expects it to "increase substantially." (Reporting by Svea Herbst-Bayliss; Editing by Sandra Maler)