…a move to Puerto Rico to lower his personal tax liability. Bloomberg reports Paulson’s firm “invited prospective clients to an April 24 event at Paulson & Co.’s New York offices, where the 57-year-old founder will talk about the Paulson Partners Premium LP Fund, described as a risk-arbitrage fund for investors looking to mitigate income taxes.”
SAC Capital’s Steven Cohen Had a Profitable 2012 (Businessweek)
The annual ranking of the highest-earning hedge fund managers for 2012 reveals at least two intriguing truths: First, running a large fund, and raking in billions in fees, seems to be as effective a way of making money as earning market-beating returns for one’s investors. And second, in spite of the intense heat of a multi-agency government insider-trading investigation, SAC Capital Advisors’ Steven Cohen is continuing to make a tremendous amount of money. At No. 1 sits David Tepper of Appaloosa Management, with $2.2 billion; Raymond Dalio of Bridgewater Associates is second with $1.7 billion; and Cohen is third, at $1.4 billion. Rounding out the top five are James Simons of Renaissance Technologies, with $1.1 billion, and Ken Griffin, the founder of Citadel, at $900 million.
Global Hedge Fund Assets Top $2.2 Trillion As The Big Firms Dominate (PressReleaseNetwork.com)
Global hedge fund assets top $2.2 trillion as the big firms dominate. Assets in global hedge funds continued to grow in 2012 on the back of solid average fund performance across the industry last year and new inflows from investors worldwide, according to the latest research from leading industry information provider HedgeFund Intelligence (HFI). In the newly-published Spring 2013 issue of its bi-annual Global Review, HedgeFund Intelligence reports that assets in hedge funds of traditional types – which are mostly domiciled offshore or structured as limited partnerships in the US – reached $2.208 trillion (including parallel onshore versions) at the end of 2012.
Einhorn Could Have a Mining ETF Problem (Benzinga)
Ascalon Gets New Top Man In Australia (FINalternatives)
Jason Collins has left the firm to join BlackRock, Inc. (NYSE:BLK), where he will start as head of institutional client business in Australia on April 22. Collins had served as head of Ascalon’s Australian arm. In his place will be Robert Lance, Ascalon’s new head of Australia.
Rothschild seeks to buy U.S. fund of funds businesss (Reuters)
Rothschild is looking to double the size of its fund of hedge funds business via a U.S. acquisition to give it the scale it needs to flourish in an industry now dominated by a handful of big players. Rothschild made its first push into the business last year when it bought fund of funds company HDF Finance for an undisclosed amount. It now has 5 to 6 billion euros ($6.54-7.85 billion) under management in its hedge fund business, including a small presence in New York-based funds of funds. “If you look at the U.S. fund of hedge fund business it’s fairly concentrated,” Jean-Louis Laurens, the chief executive of Rothschild’s asset management arm, said in an interview on Monday.
