Billionaire hedge fund manager Bill Ackman announced plans to build a modern-day Berkshire Hathaway ( BRK.A 1.68%) ( BRK.B 1.79%). Although Ackman and his investors would own most of it, it would be available to invest in as a publicly traded company.

Ackman has unveiled his vision to form a new business out of Howard Hughes Holdings “that would acquire controlling interests in operating companies.”

Born into a wealthy New York family, Bill Ackman has amassed a fortune estimated at more than $9 billion, according to Forbes. As he tries to buy The Woodlands-based Howard Hughes Holdings, here's what you should know about the creator of Pershing Square Capital Management.

Billionaire investor Bill Ackman has offered to purchase additional shares in Howard Hughes Holdings, with the intention of turning the real estate company into a Buffett-like conglomerate. Pershing Square Capital Management founder and Chief Executive Bill Ackman is proposing a merger to form a company that he thinks could emulate Warren Buffett’s Berkshire Hathaway.

Investor is seeking control of US real estate company in push to transform his hedge fund into a diversified financial group