Saturday, 23 August 2014
Last updated 14 hours ago
Mar 18 2011 | 1:28pm ET
The crisis in Japan has hit Paulson & Co. hard.
The hedge fund giant has suffered big losses in two of its funds as global stock markets have taken a beating in the wake of the massive earthquake and nuclear disaster in Japan. Paulson's flagship Advantage Fund lost 6.14% in the first half of March, wiping out its year-to-date gains and leaving it down 5.29% for 2011. The firm's Paulson International Fund dropped 2.25% during the first two weeks of March, cutting its year-to-date gain to 0.21%, MarketWatch reports.
It is unclear how this week's market rallies have affected Paulson's positions.
Japan suffered a 9.0 magnitude earthquake on March 11, killing at least 7,000, with more than 10,000 people still missing. The tremor, about 80 miles off of the country's northeast coast, caused a destructive tsunami and inundated parts of the country as much as six miles inland. Japanese officials say over 100,000 buildings were damaged or destroyed, including at least three nuclear reactors.
The Man Group today said it had donated $1 million from its charitable trust to relief efforts in the country.
"We have all witnessed through TV coverage the scenes of devastation in Japan after the earthquake and tsunami," CEO Peter Clarke said. "It is hard to imagine how this feels to those affected. Our long-established and close relationship with Japan means that we are naturally very anxious to play our part in joining with local and international efforts to alleviate the huge suffering that has been caused."
The firm's Tokyo office will coordinate its response; all of the money has been earmarked for charities benefiting Japanese children.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note