Pershing Square Investors Standing By Their Man

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William Ackman's bad year is taking a big toll. The activist hedge-fund manager has seen his firm's assets under management decline by $1.2 billion from a high point earlier this year, largely due to investment declines, according to people familiar with its operations...At the end of September, Pershing Square's total assets under management stood at $11.2 billion, according to a person familiar with the matter. That is a $1.2 billion decline from the $12.4 billion that Pershing Square reported it had under management as of March 1 in a filing with the Securities and Exchange Commission...People with knowledge of the firm said the decline resulted almost completely from weak investment performance, and net redemptions by investors had amounted to less than $150 million so far in 2013. [WSJ]

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