Billionaire John Paulson plans to decide in the next two years whether to turn his hedge fund into a firm that solely manages his personal wealth.
Paulson, 63, may split his namesake firm into two -- one managing his own money and the other running client capital with a type of “profit sharing arrangement with my partners” if they want to continue overseeing the outside capital, he said in an interview on Mike Samuels’ “According to Sources” podcast.
About 75 percent to 80 percent of the assets at his Paulson & Co. belong to him, he said in the podcast released Monday. His hedge fund, based in New York, managed about $8.7 billion at the beginning of November.
Paulson’s assets have slumped about three quarters from $38 billion in 2011 after some of his wagers went awry. Several veteran hedge fund managers have converted their hedge funds into family offices after investors asked for their money back following years of mediocre performance.
Separately, Paulson in November said he is considering becoming a resident of Puerto Rico in the next few years once his teenage children go to college. Paulson gained fame from his bets against the U.S. housing market more than a decade ago.
This article was provided by Bloomberg News.