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SHK Fund Management Ltd Hires Paulson to manage unit

JOHN Paulson, the hedge fund manager who made sixfold returns in 2007 betting against subprime mortgages, will manage a US$100-million distressed financial institution fund planned by Hong Kong's SHK Fund Management Ltd.

The fund will trade shares in publicly listed and private financial firms, under-capitalized banks and other entities, SHK Fund Management, the hedge fund and private equity unit of Hong Kong's largest non-bank financial institution, said on Friday. The fund is a unit of Sun Hung Kai & Co.

The worst financial crisis since the Great Depression led to the demise of Lehman Brothers Holdings Inc and brought Bear Stearn Cos and Merrill Lynch & Co to the brink of collapse. Financial institutions globally have raised more than US$940 billion from investors to replenish their capital depleted by more than US$1 trillion of asset writedowns and credit losses since 2007, according to data compiled by Bloomberg News.


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