Straphanger Bill
Ackman axes 10, including his driver
Hedge fund mogul Bill Ackman is starting 2018 with a shiny new MetroCard — and a banged-up staff.
Ackman’s embattled Pershing Square hedge fund laid off 18 percent of its staff on Friday — a total of 10 pink slips that brought the head count down to 46, a source familiar with the matter confirmed to The Post.
Among the laid-off employees was Ackman’s driver, according to Reuters, which first reported the cuts.
Without a wheelman, Ackman, instead of riding in a chauffeured car, will either walk or hop on the subway near his Upper West Side home for the 10-minute ride to his Midtown office.
Most of the others laid off were back-office and support staff. Only one member of Pershing’s 10-person investment team was axed.
The layoffs come after Ackman’s $9 billion fund suffered three consecutive down years — while the broader market rallied.
In 2017, Pershing lost 4 percent while the S&P 500 rose 21.8 percent. The fund lost 20.5 percent and 13.5 percent in 2015 and 2016, respectively.
Ackman started 2015 with more than $18 billion in assets under management, but the fund suffered greatly over the last few years following a disastrous investment in Valeant Pharmaceuticals, which cost the fund roughly $4 billion by the time Ackman exited the position in March 2017.
Other bets failed to compensate for the massive Valeant loss, and some investors fled amid weak performance.
With a staff of 46, Pershing Square now employs roughly the same number of employees it had in 2011 — coincidentally when the firm’s assets were also around $9 billion, according to a source.
In 2018, Ackman will spend more time focusing on the fund’s investment strategy instead of promotional activities, sources said.
Partner Ben Hakim will be taking over much of the outward-facing part of the business while Ackman will be redoubling efforts on investment analysis, according to the Reuters report.
Reps from Pershing Square declined to comment.