Hedge fund manager John Paulson has shunned the limelight in recent years but in recent weeks it’s a different story, with the 57-year-old manager not only giving his first ever TV interview, he’s also set to take the stand in one of the most closely-watched trials in the country – the civil case against former Goldman Sachs trader Fabrice Tourre.
The SkyBridge Alternatives Conference – the annual hedge fund blowout better known as SALT, is a month away. And the official agenda for the three-day bacchanal, which sees thousands of hedge fund investors, allocators and hedge fund hangers-on descend on Las Vegas in the second week of May, has been released.
Mortgage funds roared home with returns of almost 19 percent last year, trouncing all other hedge fund strategies and beating the S&P 500 stock index, which rose 13 percent.
By Katya Wachtel
This year has been cruel to many money managers, and one stock-picker giving John Paulson a run for his money as the worst performing manager of 2011, is Fairholme Capital Management’s Bruce Berkowitz.
By Matthew Goldstein
Hedge fund titan John Paulson has a shrinkage problem.
The billionaire manager’s flagship Paulson Advantage funds are quickly losing altitude after peaking with $19.1 billion in assets under management in March. As of the other day, the combined AUM of the Paulson Advantage and Advantage Plus funds had fallen to $15.7 billion, according to investor sources.
The world’s largest credit and debit card processor Visa is to pay some $2 billion for CyberSource, a company that helps retailers take online payments, including from mobile phones. Analysts estimate Visa already has 45 percent of the online market and the deal will only serve to boost the company’s position further.
Simon Property says it is teaming up with hedge fund Paulson to try to unseat Brookfield Asset Management as the key investor in General Growth Properties as the mall operator angles toward an exit from its bankruptcy.
News and views on the hedge fund industry from Reuters and elsewhere:
Big league hedgies buy banks – Reuters
Saving the world, one trade at a time – Economist
Message to FoHFs: Work harder; cut fees – Reuters
Gulf cash set to flow? – Bloomberg