Monday, 4 May 2015
Last updated 2 days ago
Jul 9 2010 | 1:23pm ET
Are investors abandoning Paulson & Co.? Some are, but some investors are surprised there aren’t more.
The New York-based hedge fund paid out about $2 billion in redemptions at the end of June, AR magazine reports. The firm, which has been buffeted by poor performance in the second quarter and been dragged into the Securities and Exchange Commission’s fraud lawsuit against Goldman Sachs—although Paulson has not been charged with any wrongdoing—now manages $30.9 billion.
The firm had managed $33.1 billion at the end of the first quarter. In addition to the redemptions, Paulson’s flagship Advantage hedge funds lost 8.8% and 5.8% in the first half, while its Recovery and gold funds are up 9% and 13%, respectively.
The losses and redemptions are among the first missteps for a firm that burst on the scene in 2007 with triple-digit returns betting against the subprime mortgage market. Paulson has continued to post big returns, but the muted response to the rough stretch surprised some investors.
“The redemptions are lower than I would have personally expected,” one fund of hedge funds that invests with Paulson told AR.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…