According to the Automotive News, Tiger Global Management has more than doubled it’s shares in Fiat Chrysler Automobiles (FCA) since the end of June. Holding 59.67 million shares of FCA stock, the U.S. fund is now the 4th largest investor of FCA. Sources at Bloomberg state that at the end of June, Tiger Global Management held only 26.05 million shares of the world’s seventh largest automaker.
Tiger Global Management currently has $22 billion of total assets in which it oversees. Now $1 billion of that total is FCA.
With shares of FCA stock taking a dive after the passing of former CEO Sergio Marchionne, the market was unsure of FCA’s future plans. With the new CEO Mike Manley who has been with the company for the past two decades taking the reigns, there has been a lot of uncertainty if the company will take the same path Marchionne laid out prior to his death. As reported earlier today, Manley will announce his changes by the end of the month.
Some forecasters and Wall Street analyst are seeing Tiger Global Management’s decision to invest in the company while stocks are low, are a positive move. FCA shares rose 2% as the closing bell rang on stock exchange this afternoon, closing at $16.89 a share.