Bill Ackman moves to take Pershing Square hedge fund public

Billionaire investor Bill Ackman is taking his firm, Pershing Square Capital Management, public on the stock market while launching a new investment fund that aims to raise billions from everyday investors and major financial institutions.The new outfit, Pershing Square USA, is a closed-end fund — a type of investment vehicle that sells a fixed number of shares in an initial public offering, or IPO, then lets them trade like regular stocks on exchanges.Investors cash out by selling to others at market price ...