Hedge fund billionaire Bill Ackman to launch a NYSE-listed fund for regular investors
Publishing timestamp: 2024-02-07 13:59:16
Summary
Bill Ackman, the hedge fund billionaire, is planning to launch a closed-end fund that will invest in 12 to 24 large-cap, investment grade, "durable growth" companies in North America. The fund will be listed on the New York Stock Exchange and will not have a performance fee. Ackman is waiving the management fee for the first 12 months and will charge a flat 2% fee after the first year. He believes that the fund has the potential to be one of the largest listed closed-end funds and expects substantial investor interest and liquidity in the secondary market.
Sentiment: NEUTRAL
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