Bill Ackman’s hedge fund has laid off eight lower-level staffers, the Wall Street Journal’s David Benoit just reported.

Pershing Square Capital Management has faced a decline in performance this year.

Its publicly traded vehicle, which mimics the private hedge fund, is down 20.9% this year through June 21.

The New York activist firm had its worst year ever last year, slumping 20%.

The layoffs, which took place earlier this week, are not related to the performance drop, according to the Journal.

More to follow.

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Business Insider » Finance

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