Hedge Fund Pershing Square Capital Management Allowing Redemptions

William Ackman, 42, fund manager of hedge fund Pershing Square Capital Management, is cutting fees and allowing investors to withdraw what is left of their investments. This move could encourage other hedge funds to eliminate some of their restrictions on withdrawals and redemptions.

Of course, not all funds have had as poor performance as Pershing Square's Pershing Square IV Fund, which is down 90% on the year and is left with only $25 million in assets.

Pershing Square Capital Management, based in New york, is waiving performance fees until the fund reaches its high water mark, though given the losses that could be decades.