Over the next eight quarters, Pershing Square investors will see a reduction in their management fee totaling $32 million, Ackman said in the letter, sent to investors late Tuesday. Hedge funds often have a two-tiered fee structure in which. The focus was on the pay structure of chairman. over Dr Cheong’s new annual fees of $1.8 million. Dr Cheong was previously on a contract and provided consultancy services in areas…