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John Paulson to turn hedge fund firm into family office

[BENGALURU] Billionaire John Paulson is turning his hedge fund firm into a family office after setting the stage for the conversion last year, according to a source familiar with the matter.

Mr Paulson now joins a number of prominent fund managers – Carl Icahn, George Soros, Stanley Druckenmiller – who have stopped managing money for outsiders to concentrate on investing their family fortune.

Mr Paulson shot to fame during the financial crisis with a bet against the overheated US housing market and managed US$38 billion at one point.

Assets had been dwindling for years and a number of prominent managers had been leaving the firm to set out on their own or join other managers.

In a regulatory filing in March, Mr Paulson said the firm had roughly US$10.7 billion in assets under management at the start of the year and that John Paulson was the sole owner of certain funds being managed by the firm.

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Bloomberg News had earlier in the day reported on Mr Paulson's move, citing a letter from him to investors.

"After considerable reflection and careful thought, Paulson & Co. will convert into a private investment office and return all external investor capital," he wrote in the letter.

A spokesman for Mr Paulson could not be reached for comment. 


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