Tue, Jul 7, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Four directors at Paulson Europe bag GBP50.8m ($81.4m) in 2009 after successfully betting on ailing UK banking sector

Friday, January 08, 2010
Opalesque Industry Updates - ‘Make hay while the sun doesn’t shine’ seems to be true for four directors at the Paulson European arm of US hedge fund run by billionaire investor John Paulson. They saw profits at the partnership rise 37% to £50.8m ($81.4m) in the year to March 2009 on the back of successful betting against the near-collapsed UK banking sector, The UK Telegraph reported citing UK regulatory documents.

The paper alsosaid yesterday that the lion’s share of this profit was taken by the US arm of the Paulson & Co, which received £28.6m ($45.8m). The remaining £22.2m ($35.57m) was shared among the three London-based directors – Nikolai Petchenikov, Harry St John Cooper and Mina Gerowin.

The UK banking sector, where institutions have been hit by government’s introduction of 50% tax on bonuses, this payout definitely seems to belittle many compensation packages.

Revenues at Paulson Europe, which employed just seven people as of last March, soared 41.7% to £57.4m ($92m), the Telegraph reported.

John Paulson doubled his wealth to $6bn in 2008 by betting against the real estate market and is now near $6.8 bn, according to the Business Insider. Now, he is a huge proponent of gold, and could become the richest man in the world if gold ends up rocketing higher as bulls expect. Mr. Paulson can earn juicy hedge fund performance fees off of the $30bn+ in AuM at his hedge fund. The Business Insider further said that Mr. Paulson would make money primarily on a giant speculative bet, and the majority of his wealth will be generated through high fees, not personal asset gains. - written by SC -


BG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner