06-04-2018, 06:52 PM
Ackman Is Abandoned by Big Pershing Square Investors
By Scott Deveau
April 5, 2018, 8:46 PM GMT+8 Updated on April 5, 2018, 10:46 PM GMT+8
Bill Ackman’s Pershing Square Capital Management is facing more bad news as many of the institutional investors in its private funds have asked to redeem their money.
About two-thirds of the capital that investors could withdraw from Pershing Square private funds was redeemed at the end of last year, according to a person with knowledge of the matter. Blackstone Group LP has been pulling its money, while JPMorgan Chase & Co. has removed Bill Ackman’s Pershing Square from its list of recommended funds for clients, the person said.
Under the funds’ rules, investors are only able to redeem one eighth of their investment each quarter, meaning it could take more than two years to withdraw all of their money. Still, there’s been a steady decline in assets under management at Pershing Square since its $4 billion loss on Valeant Pharmaceuticals International Inc. and its losing short bet on Herbalife Ltd.
More details in https://www.bloomberg.com/news/articles/...uare-funds
By Scott Deveau
April 5, 2018, 8:46 PM GMT+8 Updated on April 5, 2018, 10:46 PM GMT+8
Bill Ackman’s Pershing Square Capital Management is facing more bad news as many of the institutional investors in its private funds have asked to redeem their money.
About two-thirds of the capital that investors could withdraw from Pershing Square private funds was redeemed at the end of last year, according to a person with knowledge of the matter. Blackstone Group LP has been pulling its money, while JPMorgan Chase & Co. has removed Bill Ackman’s Pershing Square from its list of recommended funds for clients, the person said.
Under the funds’ rules, investors are only able to redeem one eighth of their investment each quarter, meaning it could take more than two years to withdraw all of their money. Still, there’s been a steady decline in assets under management at Pershing Square since its $4 billion loss on Valeant Pharmaceuticals International Inc. and its losing short bet on Herbalife Ltd.
More details in https://www.bloomberg.com/news/articles/...uare-funds