Fund manager Paulson gets Hong Kong securities licence
Billionaire hedge fund manager John Paulson has won a licence from the Securities and Futures Commission in Hong Kong to deal in securities, records on the market regulator's website show.
March 03, 2011 / 10:52 IST
Billionaire hedge fund manager John Paulson has won a licence from the Securities and Futures Commission in Hong Kong to deal in securities, records on the market regulator's website show.
Paulson, whose bet that the American mortgage market would implode made him one of the world's wealthiest people, received the licence on February 21, according to the records.The hedge fund industry pioneer, who earned an estimated USD 5 billion in 2010, mainly through bets that the economy would recover, has hired Xiaoli Deng, Sandra Lee and Winnie Wong, all from Morgan Stanley, the records show.Financial Times publication Ignites Asia reported earlier that Paulson had received the licence for a Hong Kong office.About a fifth of 100 leading institutional investors in hedge funds surveyed by alternative assets research firm Preqin expressed an improvement in their levels of confidence in hedge funds in 2010, with nearly two-thirds saying Asia would present the best opportunity in 2011.Asian hedge funds are projected by tracker Eurekahedge to add about USD 40 billion to their current assets of USD 125 billion in 2011. The region has attracted the likes of GLG, Soros Fund Management, Moore Capital, Maverick Capital and Viking Global Investors. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
