Tuesday, 13 October 2015
Last updated 4 hours ago
Nov 23 2009 | 6:14am ET
John Paulson aims to give investors in his new gold hedge fund big returns. But they’ll have to agree to part with their money for at least one year, and pony up at least $10 million.
Paulson & Co. is shopping their new fund to investors, both in meetings and with a prospectus, Reuters reports. The dedicated gold fund will debut on Jan. 1, and will invest in gold-mining companies, gold-related equities and gold derivatives.
The fund will charges 1.5% for management and 20% for performance. After a one-year lockup, it will offer biannual liquidity with 60 days’ notice. And while the $10 million minimum investment may seem steep, Paulson himself plans to invest 25 times as much in the new fund.
He’s also added a pair of gold experts to assist on the new fund. Victor Flores joins from HSBC, where he was a senior gold-mining analyst. Paulson also nabbed John Reade, who had left UBS to join Credit Suisse. At UBS, Reade was a senior metal strategist.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…