Thursday, 24 July 2014
Last updated 4 hours ago
Nov 16 2011 | 10:46am ET
Despite missing out on October's stock rally due to its efforts to cut risk, Paulson & Co. continued to reduce its exposure during the first half of November.
Firm founder John Paulson told investors attending the New York hedge fund's two-day annual meeting at the Metropolitan Museum of Art that he's cut the net exposure of the firm's main hedge funds to 30%, half of what it was four months ago. Paulson told clients that he'd continue to reduce the firm's bullish bets until it becomes clearer that Europe will be able to sort out the sovereign debt crisis afflicting Greece and Italy, Bloomberg News reports.
Earlier this year, Paulson's largest funds, which have fallen 44% and 29% this year, had net exposure of 81%.
Despite the big losses, investors filed redemption requests totaling only 8% of assets at the end of last month, just one third of what they would have been allowed to pull and in line with what Paulson generally sees in year-end redemptions.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…