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Pershing Square hedges its bets in London

Pershing Square is a holding company structured as a closed-ended fund. It was launched in 2012 under the patronage of the eponymous Capital Management entity, the creation of hedge fund manager Bill Ackman, who also co-founded the investment house Gotham Partners.

In a sense, Mr Ackman and his business partner at Gotham, David Berkowitz, were trailblazers in the hedge fund world, in that they openly shared the reasons why they had taken certain portfolio positions, long or otherwise, at a time when 'talking your book' was looked upon with a little more suspicion than it is today.

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