Paulson plans fund for cash-strapped banks
Paulson & Co, which made gains of about $12bn (€7.6bn) last year by shorting against sub-prime mortgages, is planning a new fund to provide capital to cash-strapped banks, according to a report in the Financial Times.
The eponymous hedge fund run by John Paulson, which manages more than $33bn across a series of funds, is likely to unveil the fund’s documentation by next month.
The move indicates that the star trader is ready to call the bottom of the market for US financials, following a rally in the sector’s stocks and various hedge funds’ backing to emergency fundraisings by struggling banks, said the report.
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