Wednesday, 22 October 2014
Last updated 20 min ago
Apr 12 2012 | 11:30am ET
While many hedge fund managers have embraced the use of multiple prime brokers, Paulson & Co. is sticking with JPMorgan Chase, almost exclusively.
Seven of the New York-based firm's eight funds use JPMorgan as their prime broker, Paulson's recent Securities and Exchange Commission filing—required by new financial regulations—shows. The eighth fund also uses just one prime broker, Goldman Sachs.
The somewhat surprising revelation emerged despite Paulson's best efforts to conceal whatever it could in the new form ADV. Rather than name his funds, as many of his peers have done, Paulson's filing simply numbers them, Paulson Fund 1 through Paulson Fund 8.
Paulson couldn't hide anything. In addition to identifying its prime brokers, the firm was forced to name Rothstein Kass as its auditors and Plus Securities as its marketer.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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