U.S. hedge fund Tiger Global Management LLC more than doubled its stake in Fiat Chrysler Automobiles NV taking the value of its investment in the carmaker to more than $1 billion.
Tiger Global, which runs about $22 billion in assets, disclosed in a filing with Dutch regulator AFM that it held 59.67 million shares in the carmaker as of Sept. 3. This was significantly higher than 26,049,289 shares valued at $492.1 million it held in FCA as of June 30, as per an Aug. 14 SEC filing. The latest investment made Tiger Global the fourth largest shareholder in FCA.
The carmaker's shares were trading at $17.06 at market close Sept. 10.