Pershing Square Capital Management is laying off eight lower-level employees, largely from back-office roles in technology and investor services, sources told Dow Jones.
Bill Ackman, who runs the hedge fund, told his staff this week that the cuts had nothing to do with the fund's slumping performance, according to the report. Rather, he attributed the changes to improvements in technology and task automation that reduce the need for employees, the sources said.
The cuts amount to more than 10 percent of the hedge fund's staff, the sources added.
Earlier this year, Pershing Square Capital saw a high profile departure when Ackman parted ways with Bill Doyle, the man who introduced Ackman to Valeant Pharmaceuticals. Subsequently, the pharmaceutical company has produced significant losses for Ackman's hedge fund.