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Bailey McCann, Opalesque New York:

Bill Ackman's bets on Valeant and Herbalife may have been a bridge too far for investors. The Wall Street Journal is reporting that after three years of poor performance most investors have left Pershing Square. Redemptions have been steady since last year, according to people familiar with the fund.

Assets under management at the firm were just over $8 billion at the end of March. That's down from the approximately $20 billion Pershing managed in 2015. WSJ is further reporting that rather than seeking new money, Ackman is stepping back from investor relations and cutting staff.

Ackman exited his positions in Valeant and Herbalife last year. He's also made some smaller bets in recent months that paid off including a $100 million profit on Nike. However, none of this is enough to reverse three years of losses. Ackman has said he's confident in his portfolio and is considering a share buyback program for his publicly traded fund. It is unclear if these recent gains will be enough to slow redemptions.

Pershing Square isn't the only high profile hedge fund to be facing outflows. Brevan Howard and Paulson & Co two other blue-chip firms have also struggled to hold on to investors as performance lags. Brevan Howard's Master Fund lost 5.4% last year, capping off several years of poor performanc......................

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