Paulson Partner Cooper and Three Others Said to Leave Hedge FundBy and
Harry St. John Cooper, a Paulson & Co. partner and one of the hedge fund’s most senior executives in London, has left the company along with at least three others, according to people with knowledge of the matter.
Peter Dunne, John Reade, and Massimo Stabilini have also departed from the London office, said the people, who asked not to be identified because the information is private. Cooper and Stabilini declined to comment, while Dunne and Reade didn’t respond to messages sent via LinkedIn.
Paulson Europe LLP remains part of the firm’s global event-arbitrage business and the core team is in place to serve the manager’s clients, a spokesman for the hedge fund firm said. Orkun Kilic, a partner and the firm’s head of European investments, remains at the firm, according to the people.
Paulson & Co., run by billionaire John Paulson, is among hedge funds to have suffered as pension plans and other large investors retreat following years of lackluster returns. Two of the company’s funds lost about 20 percent through September this year, people familiar with the situation said last month.
New York-based Paulson -- a political donor and economic adviser to U.S. president-elect Donald Trump -- shot to fame after making a fortune on the U.S. housing collapse during the global financial crisis. He has since had uneven returns, and last year the money manager pledged his personal investments in four of his funds as additional collateral for his firm’s borrowings, after investment losses and client withdrawals.
The investment firm managed about $13 billion in August, down from a peak of $38 billion in 2011. Investors have pulled $77 billion from hedge funds this year, after allocating a net $44.1 billion in 2015, according to data provider eVestment.