Wednesday, 24 August 2016
Last updated 4 hours ago
May 21 2012 | 2:36pm ET
Two Paulson & Co. banking specialist are set to launch a financials hedge fund, despite the difficulties their portfolios have had at the New York hedge fund.
Robert Lacoursiere and James Fotheringham have founded Petrarca Capital. The two men, who joined Paulson in 2008, told potential clients in a marketing documents that they had managed about $10 billion at Paulson, which once managed almost $40 billion but now has closer to $22 billion.
It is unclear whether the dismal performance of Paulson's banking portfolio will adversely affect the new firm. According to the New York Post, Lacoursiere, who was a partner at Paulson, did not have the authority to make trading decisions.
At Paulson, Lacoursiere, the firm's highest-profile departure since Paolo Pellegrini's exit four years ago, was head of global banks. Fotheringham was a senior vice president in the banking group. Prior to joining the hedge fund, Lacoursiere and Fotheringham were U.S. mortgage and consumer finance analysts, the former at Banc of America Securities and the latter at Goldman Sachs.