"Billionaire Bill Ackman's NYSE-Listed Fund Opens to Regular Investors"

Billionaire hedge fund manager Bill Ackman plans to launch a closed-end fund listed on the New York Stock Exchange, targeting Main Street investors with no minimum investment requirement. Unlike traditional hedge funds, Ackman's fund will not charge a performance fee and will waive the management fee for the first year, after which it will be a flat 2%. The fund will invest in 12 to 24 large-cap, investment grade companies in North America. Ackman's brand-name profile and broad retail following are expected to drive substantial investor interest and liquidity in the secondary market.