UPDATE 1-Ackman's Pershing Capital exits Target, General Motors

* Ackman's filing show no General Motors, Target (Adds details on General Motors)

NEW YORK May 16 (Reuters) - Hedge fund manager William Ackman exited in the first quarter of this year from the position his Pershing Square Capital Management had in retailer Target (TGT.N).

The move to exit the stock closes the door on one of the more controversial moves taken by Ackman's $9 billion hedge fund.

Ackman also appears to have liquidated his position in General Motors (GM.N). He also did not list bookseller Borders on his quarterly filing.

The SEC requires only that companies listed on an exchange are listed in these filings and bankrupt companies are generally traded elsewhere.

At the end of 2010, Pershing Square reported having 7.39 million shares of Target. The shares were left over for a largely unsuccessful campaign by Ackman to push for changes at the retail chain.

Borders, a once giant book retailer, is now bankrupt. Last December he reported having 10.5 million shares of the company.

Ackman has previously called Borders the worst investment he's ever made.

(Reported by Matthew Goldstein and Svea Herbet-Bayliss, editing by Bernard Orr)