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.”

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