Saturday, 18 April 2015
Last updated 12 hours ago
Nov 2 2011 | 11:43am ET
Paulson & Co. clients are not, in the end, fleeing the struggling hedge fund in droves.
The New York-based firm told clients that they filed redemption requests totaling less than 8% of its roughly $30 billion in assets. The news came down only hours after what promised to be a spooky Halloween for Paulson—redemption requests for its two largest, and worst-performing, hedge funds were due on Oct. 31.
Paulson's Advantage Plus Fund was down 47% and its flagship Advantage Fund 30% through September, figures that didn't appear likely to get any better last month. Paulson founder John Paulson cut back on the funds' risk in October, missing out on the month's stock market rally.
In the weeks leading up to the redemption date, Paulson had warned that the firm could face withdrawal requests totaling as much as 25% of assets.
In the event, however, redemptions were actually lower than it typical sees during the end of the year. Paulson told clients that it was still calculating a final figure for net redemptions.
In the same letter, Paulson told clients that Harvard University economist Martin Feldstein has joined Paulson's advisory board, which also includes former Federal Reserve Chairman Alan Greenspan.
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…