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Ackman’s ADP Bet is a Hit — but the Analyst Behind It Is Leaving

Pershing Square analyst Brian Welch, who led the hedge fund firm’s successful bet on Automatic Data Processing, is leaving the firm, an email to investors said.

Bill Ackman’s activist play in human resources software and services provider ADP, which was widely criticized when it became public last summer, is already a big winner, according to an email Ackman sent to his Pershing Square investors yesterday — but the partner largely responsible for the research leading to

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