Exclusive: Bill Ackman exits Citi to raise cash for P&G stake

(Reuters) - Hedge fund Pershing Square Capital Management told investors this week that it recently sold out of its position in Citigroup and used that money to buy shares of Procter & Gamble .

Bill Ackman, who runs the roughly $10 billion New York hedge fund, wrote in his quarterly letter that he decided to pull the "rip cord" after "one bad night's sleep thinking about Citi."

Ackman said he feels that Citi, which the fund started eyeing more than two years ago, is still inexpensive and well-managed and destined to rise in value over time. But for Pershing Square and its investors, Ackman concluded, there are "much easier" ways to make money.

(Reporting by Svea Herbst-Bayliss; Editing by Matthew Goldstein and Jennifer Ablan; Editing by Gerald E. McCormick)

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