COMPANIES Paulson & Co, the large New York hedge fund manager, is starting a new gold fund as prices for the metal hit record highs.
Funds run by the company now have more than a tenth of their assets in gold, a person familiar with its investments said. John Paulson, its billionaire founder, is seeding the new fund with $250m of his own money to offer investors a more concentrated exposure to gold. It will focus on shares and derivatives of mining companies rather than the physical commodity, the person said.
