BofA said pulling money Paulson hedge fund

Hedge Fund

Bank of America 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.

Bloomberg News reports that the bank sent a memo to financial advisers telling them to withdraw about $80m 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.

To access the complete Bloomberg News article hit the link below:

Bank of America Pulling Clients’ Money From Paulson Fund

European Bank Profit Rebound Signals Revamps Starting to Pay Off

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts