Activist hedge fund wants lender CIT Group to break up: WSJ

(Reuters) — Activist hedge fund Hudson Executive Capital LP wants CIT Group Inc (CIT.N) to break up, the Wall Street Journal reported, citing people familiar with the matter.

The hedge fund, which disclosed a 0.5 percent stake in CIT, thinks the best strategy for the commercial lender would be to sell off its various pieces given its recent underperformance, the Journal said.

Hudson Executive, started last year by former J.P. Morgan Chase & Co dealmakers Douglas Braunstein and James Woolery, reported its stake in a regulatory filing on Monday.