Ackman’s Pershing Square Fund to Slash Management Fee

(New York Post) Hedgie Bill Ackman on Wednesday ripped a page from a discount retailer’s playbook — he put his product on sale. Ackman’s Pershing Square fund — after posting losses in each of the past three years — said it would slash its 1.5 percent annual management fee. The discount for existing clients amounts to about 15 percent, sources said. The move will cost Pershing about $32 million over the next two years, Ackman said in a letter sent to investors.

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