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Ackman Protege Ferguson To Leave Pershing To Start Fund

Bill Ackman, the hedge-fund manager who is pressing for changes at Procter & Gamble Co., is losing the first analyst he hired for his Pershing Square Capital Management LP, according to a letter to investors.

Scott Ferguson, now a partner at Pershing Square, will leave by the end of the month to start a hedge fund that will use an activist strategy similar to Ackman’s, the letter said. The fund, which will conduct value-oriented research and push for changes at companies, plans to open next year, said a person with direct knowledge of the matter, who asked not to be identified because the information isn’t public.u

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