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From Kirsten Bischoff, Opalesque New York: This is the most opportunistic time in 30 years for hedge funds, Pershing Square President and Managing Member William Ackman told the audience at law firm Schulte Roth & Zabel’s 18th annual Private Investment Funds Seminar on Tuesday. Ackman, the final speaker of the conference offered a hint of optimism to the proceedings which focused otherwise on liquidity and regulatory issues facing hedge funds.

Redemption expectations continue to haunt the industry, which has still outperformed the greater financial markets. According to hedgefund.net, in 2008, hedge funds shrank by more than $1tln. Many managers are bracing redemption requests to continue in 1Q09. However, there will be a point in the future when investors will reallocate to hedge fund managers and while Ackman conceded the industry would be smaller, he cited long/short equity and distressed debt investors as strategies he sees future opportunity in.

Pershing Square focuses on General Growth Properties and loses partner to Borders Group On Tuesday Pershing Square filed SEC 13D Schedules notifying the regulatory agency that the firm was boosting its stake in General Growth Properties from 18% to 24%.

Additionally, Pershing Square Partner Richard McGuire was announced to be leaving the firm. McGuire has been named CEO of retailer Borders Group. In a statement, Ackman called McGuire "extremely ......................

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