00:00 It's Benzinga and here's what's on the block.
00:02 Hedge fund billionaire Bill Ackman is planning to launch a new closed-end fund that will be listed
00:06 on the New York Stock Exchange. The fund will invest in 12 to 24 large-cap investment-grade
00:10 durable growth companies based in North America. There will be no minimum investment requirements
00:15 to make the fund accessible to regular retail investors. Unlike traditional hedge funds,
00:19 this fund will not charge a performance fee, only a flat 2% management fee after the first
00:23 year of no fees. Ackman believes this could become one of the largest listed closed-end funds,
00:27 leveraging his brand and following among mainstreet investors. The popular investor
00:31 hopes to attract substantial interest and liquidity for the fund through his large
00:34 social media presence. For all things money visit Benzinga.com
