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Alternative Market Briefing

William Ackman lays off 10% of staff in his hedge fund firm

Monday, July 04, 2016

Komfie Manalo, Opalesque Asia:

Troubled hedge fund manager William Ackman has laid off 10% of his staff after his Pershing Square sustained double-digit losses this year, Reuters reported.

The report said those who were given the pink slip were eight lower-level employees who were involved in the hedge funds’ investor services. But the move to cut off the staff were largely because of automation in some of their functions, especially in filling paperwork for investors.

No member of the investment team was laid off by Ackman, it added.

Pershing Square saw its $20bn in assets under management a year ago dwindle to roughly $12bn as of end of May as the hedge fund struggled with its investments.

Since January this year, the Pershing Square International Fund lost 17.29%, one of the worst industry performers this year. Ackman’s best on Valeant Pharmaceuticals saw the fund dropped 16.6% in 2015.

Ackman emerges as one of the biggest Brexit losers

Ackman was further hurt by the Brexit vote. The activist hedge fund manager is once again emerging as one of the biggest losers of the group of elite investors. This time the culprit appears to be Brexit.

Since British voters opted to abandon the European Union, stocks around the globe ha......................

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