Saturday, 28 March 2015
Last updated 6 hours ago
Jul 23 2012 | 12:16pm ET
Scott Ferguson, who has been with Pershing Square Capital Management since before day one, is leaving the hedge fund to found a hedge fund of his own.
The first analyst that Pershing Square founder William Ackman hired plans to launch an activist firm similar to the one he's worked at for almost nine years. Ferguson, who was hired in September 2003, four months before Pershing Square's debut, will leave the New York-based firm by the end of the month, Pershing Square told investors.
Ferguson's still unnamed fund will seek value opportunities and push for changes at investment companies. It is expected to debut next year, Bloomberg News reports.
In the letter, Ackman said he agreed that the time had come for Ferguson to start his own firm.
"In recent years, Scott and I have discussed the potential for him to leave Pershing Square and form his own firm," Ackman wrote. "Recently, Scott and I concluded that now, at 38 years of age (I launched Pershing Square just shy of 38), would be a good time for him to take the next step in his career."
Ferguson, who is now a partner at Pershing Square, handles research across industries at the firm. Pershing Square's clients may also still profit from his work, as Ackman said he and Ferguson could work together on activist cases, as he has done with former Pershing Square partner Mick McGuire's Marcato Capital Management.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…