Bank of America Pulling Clients’ Money From Paulson Fund
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Paulson & Co. Inc. president John Paulson. Photographer: Rick Maiman/Bloomberg
Bank of America Corp. is pulling its wealthy clients’ money from one of billionaire John Paulson’s hedge funds and reviewing another because of concern that large positions may be hard to sell.
The bank sent a memo to financial advisers telling them to withdraw about $80 million from Paulson’s Advantage Fund because of illiquid investments and elevated volatility, according to two people familiar with the matter. It also said they shouldn’t put any more client money into the firm’s Special Situations Fund and put it on heightened review because of concern over some large illiquid investments, said the people, who asked not to be named because the funds are private…
Bank of America Pulling Clients’ Money From Paulson Fund
