From Komfie Manalo, Opalesque Asia – John Paulson, whose hedge fund firm has nearly $20bn in assets under management, on Tuesday assured his investors that he is still very much in the game and that his gold bets are expected to pay off, during a conference call sponsored by the Bank of America, various media reports said. He has been posting double-digit losses for two straight years.
Paulson’s two main hedge funds, the Advantage and Advantage Plus fell 36% and 50% respectively in 2011, according to a report from Reuters. Last month, Advantage Plus declined by 2% (-18% YTD), which made some of Paulson’s biggest investors nervous.
Last week, Citigroup Private Banking reported it was pulling out an estimated $500m from Paulson & Co.'s Advantage Fund and Advantage Plus Fund; this was a major blow for Paulson and further eroded investors’ confidence.
But Spencer Boggess, Bank of America’s director of hedge-fund investments, who hosted Tuesday's call, ......................
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