(This July 9 story corrects filing to show Paulson reduced (not increased) stake)
(Reuters) - Paulson & Co has reduced its overall interest in Britain's Premier Foods Plc to just over 6 percent from 7.5 percent, the hedge fund firm led by billionaire investor John Paulson said on Monday.
The move comes ahead of a shareholder meeting next week which could determine the fate of Gavin Darby, chief executive of the maker of Oxo cubes and Mr Kipling cakes.
(Reporting by Sangameswaran S in Bengaluru; editing by Keith Weir)
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John Paulson is the boss of the investment fund Paulson & Co. founded in 1995. It’s thanks to subprime crisis that he is become famous. Ranked from Trader monthly magazine best trader of the world in 2008, he became a safe value for investment advice. With a fortune amounted to $ 16 billion in 2011, he was ranked as 36th richest people in the world. Today, with $ 36 billion in assets under management, his fund is the third largest global hedge fund.
John Paulson was recognized for his ability to anticipate the market movements. Graduated from Harvard and with an experience in Bear Sterns Investment Bank, he speculated on the housing bubble’s burst and subprime mortgages’ collapse. He created four hedge fund with only one goal: to cover the default risk of these mortgages. One of these funds, the Credit Opportunities opened in early 2007 with $ 130 million, in 12 months was valued at $ 3,2 billion.
John Paulson funds’ assets are valuated at $ 29 billion. His flagship fund, the Paulson Credit, posted a performance of 590% in 2007. Also in 2007, one of his funds invested in agriculture commodities has collected earnings for $ 3,7 billion, another record for the investor who was called by the media “The Sultan subprime”.
John Paulson has hired Alan Greenspan, old Fed’s Chairman.
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| Nevastar Investments Corp. | President |
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