Paulson’s Pellegrini To Start Own Hedge Fund

Jan 5 2009 | 11:07am ET

Paolo Pellegrini, who helped Paulson & Co earn about $15 billion in 2007 betting against subprime mortgages, resigned from the firm last week.

Pellegrini, who along with John Paulson was the co-portfolio manager of the two Paulson Credit Opportunities funds, is expected to start his own hedge fund, the Wall Street Journal reports.

The departure was amicable, according to the Journal, which cited people familiar with the departure.

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