Pershing Square Holdings manager slashes performance fee as Ackman eyes US launch

Investment management agreement

Bill Ackman’s Pershing Square Capital Management will slash the performance fees paid by London-listed trust Pershing Square Holdings (PSH) during 2024.

The move is part of amendments to the investment management agreement (IMA) approved by the PSH board on Wednesday (7 February).  In a regulatory filing, PSH said the changes to the IMA relate to its variable performance fee provision, which reduced the fee that PSH had to pay if the manager was earning performance fees from other funds that were invested in public securities and not publicly traded in the US. Pershing Square Holdings' Bill Ackman cuts bet against 30-year US Treasuries However, this reduction only applied after the manager had accumulated $120m in such fees, coveri...