01.23.18
Maybe his chauffer can get a gig selling Herbalife. Hedge Fund Manager Bill Ackman, whose obsession to bring down the direct seller of nutritional and beauty products backfired spectacularly, has been forced to layoff off staff—including his personal driver.
Pershing Square, Ackman's $9 billion hedge fund, has suffered losses for three straight years, even as the broader market has rallied. According to MarketWatch, Pershing Square laid off 18% of its staff on Friday, which brought its head count down to 46—Ackman's driver was one of the unlucky employees. The cuts come during tough times for Ackman's dwindling gang. The $9 billion fund suffered three consecutive years of losses—in 2017, Pershing lost 4% while the S&P 500 gained 21.8%, and the fund lost 20.5% in 2015 and 13.5% in 2016.
Ackman started 2015 with more than $18 billion in assets under management, but the fund suffered greatly over the last few years following a disastrous investment in Valeant Pharmaceuticals, which cost the fund roughly $4 billion by the time Ackman exited the position in March 2017. Valeant was a player in skin care, too. At one time it owned Obagi, before selling it last year to Haitong International Zhonghua Finance Acquisition Fund I, L.P. for $190 million.
Pershing Square, Ackman's $9 billion hedge fund, has suffered losses for three straight years, even as the broader market has rallied. According to MarketWatch, Pershing Square laid off 18% of its staff on Friday, which brought its head count down to 46—Ackman's driver was one of the unlucky employees. The cuts come during tough times for Ackman's dwindling gang. The $9 billion fund suffered three consecutive years of losses—in 2017, Pershing lost 4% while the S&P 500 gained 21.8%, and the fund lost 20.5% in 2015 and 13.5% in 2016.
Ackman started 2015 with more than $18 billion in assets under management, but the fund suffered greatly over the last few years following a disastrous investment in Valeant Pharmaceuticals, which cost the fund roughly $4 billion by the time Ackman exited the position in March 2017. Valeant was a player in skin care, too. At one time it owned Obagi, before selling it last year to Haitong International Zhonghua Finance Acquisition Fund I, L.P. for $190 million.