Sunday, 3 May 2015
Last updated 2 days ago
Oct 11 2011 | 1:11pm ET
Investors aren't racing for the doors at Paulson & Co. just yet.
Clients of the $30 billion New York hedge fund filed redemption requests totaling about 10% of the assets for two of the firm's funds as of the end of last month, in line with previous withdrawal periods. The two funds, Credit Opportunities and Recovery, manage about half of the firm's assets, Bloomberg News reports.
Most of Paulson's funds have been battered this year; Credit Opportunities is down about 18% and Recovery 31%. Paulson's largest fund is down 47% after losing about 20% last month—and redemption requests for that fund are not due until the end of this month.
Those withdrawal figures could offer a better glimpse at how investors are really feeling about Paulson. September was the firm's worst month this year—and requests for Credit Opportunities and Recovery were due before the full carnage was revealed to investors.
To date, Paulson has not been inundated with redemption requests. In any event, even a flood would not inundate the firm: About half of its assets belong to firm employees and staggered redemption periods mean that the most the firm would have to pay out by the end of the year would be about 20% of its assets.
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…