(Reuters) William Ackman is cutting almost a fifth of staff and looking to lower his public profile as he seeks to turn around Pershing Square Capital Management after three straight years of losses, people familiar with the move told Reuters on Monday.The billionaire hedge fund manager, who recently suffered big losses on Valeant Pharmaceuticals International Inc (VRX.TO) and Herbalife Ltd (HLF.N) and lost a proxy fight with Automatic Data Processing Inc (ADP.O), will spend more time investing and stop being the firm’s No. 1 marketer, the people said.
Ackman Cuts Staff, Shuns Limelight as he Seeks to Turn Around Fund
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