Paulson plans to launch retail version of flagship hedge fund
JOHN Paulson, the hedge fund tycoon who made millions betting against British banks during the financial crisis, is planning to launch a retail version of his flagship portfolio.
New York-based Paulson & Co is marketing a mirror of its Advantage fund which would be based in Europe and open to high street investors and institutions. The Luxembourg-based mirror would be wrapped in a regulated Ucits structure, a European standard for open-ended investment funds. Paulson, which made a profit of £280m short-selling Royal Bank of Scotland in 2008, is the latest hedge fund to seek a wider audience by producing retail versions of its vehicles. Brevan Howard in the UK and America’s York?Capital have also opened onshore mirrors.
Robert Mirsky of consultancy Laven Partners said Ucits funds were often designed to attract institutional cash rather than individuals’ money.