The fund chaired by billionaire investor George Soros is reportedly pull all of its money from Pershing Square Capital Management, the fund operated by Bill Ackman. That’s according to a report by Jennifer Ablan from Reuters.

George Soros bill ackman pershing square

Pershing Square’s performance down

Sources apparently told the media company that Soros was withdrawing from Pershing Square because of the fund’s performance. Pershing is said to be returning the money gradually, with all of it to be back to Soros by early next year. According to Reuters, the amount is less than $250 million.

Three investors in Pershing Square said the fund did lose 2.2 percent last month, although so far this year, it’s up 3.8 percent. The sources said the Soros redemption has been in the works for some time.

Soros, Ackman and Herbalife

It comes as Soros and Ackman do battle over Herbalife Ltd (NYSE:HLF), the nutritional supplement company Ackman started shorting last year. Soros took a large stake in the company recently, and several other major investors have also taken sides.

Ackman bet $1 billion that shares of Herbalife Ltd (NYSE:HLF) would fall to zero, calling it a pyramid scheme. However, at the end of July Ackman’s fund had lost $300 million or more on paper because of the short.

Soros Fund Management, however, increased its stake in the company and made it into one of its top holdings. Ackman has filed an official complaint with regulators alleging insider trading in connection with the Soros investment into Herbalife. He claims a portfolio manager at the Soros Fund told other hedge fund managers that they were planning to increase their stake in the company.

Apparently the portfolio manager in question attended one of Ackman’s idea dinners, and Ackman tried to convince him and other managers of his position. However, he was unconvinced, and Soros raised its stake in the company a short time after that.

Shares of Herbalife Ltd (NYSE:HLF) have continued to perform well in spite of the allegations. The stock gained another 2 percent on Thursday.