Paulson & Co Portfolio Manager to Start New Hedge Fund ~ market folly

Monday, January 12, 2009

Paulson & Co Portfolio Manager to Start New Hedge Fund

Paulson & Co, the $10 billion hedge fund famous for making a fortune by betting against sub-prime when this whole mess began to unfold has lost one of their Co-Portfolio Managers.

Paolo Pellegrini, who was responsible for Paulson's credit opportunities fund has resigned from Paulson. He will start his own fund this year, starting initially with his own money, and then opening up to outside investors. PSQR LLC will be his new fund's name and Pellegrini said he'll be dabbling in commodities and interest rates, using arbitrage to benefit. He left Paulson amicably and said he simply desired to run his own firm (like oh so many others out there).

Paulson's Advantage Plus fund has returned 19.44% year-to-date as of the end of August. Additionally, their Credit Opportunities I & II funds were up about 15% for the year as of the middle of December.

And, here is Pellegrini in his interview with Bloomberg:

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