Ackman launches cheaper US hedge fund

Ackman’s Pershing Square Capital Management currently oversees US$18bil in assets, the bulk in a fund that is publicly listed in Europe. — Reuters

NEW YORK: Billionaire hedge fund manager William Ackman is launching a new investment portfolio in the United States, according to a regulatory filing which suggests the fund will mimic his existing hedge fund but offering lower fees and quicker access to capital.

Pershing Square USA will be listed on the New York Stock Exchange and available to anyone who can invest in the United States., including pension funds, endowments and retail investors who are normally excluded from hedge funds.