BENGALURU: Elliott Management, the activist hedge fund that changed Cognizant’s business strategy, has taken a tiny stake in Wipro , highlighting its interest in Indian IT companies. Of about 40 US-listed stocks that the $34-billion hedge fund owns, two are now from the Indian IT sector.The hedge fund’s stake in Wipro is unlikely to be part of an activist strategy as with Cognizant. Elliott Management disclosed in 2016 that it had a more than 4% stake in Cognizant and asked it to begin paying dividends, institute buybacks and shakeup its board. Elliott Management declined to comment on questions related to its Wipro stake. Wipro declined to comment.The Paul Singer-backed Elliott Management is far from being the largest hedge fund investor in Wipro’s ADRs.

Source: Economic Times March 12, 2018 02:37 UTC