Hedge fund guru John Paulson is planning to launch a hedge fund to help investors lower their taxes.
Bloomberg reported that Paulson, the founder and president of New York-based Paulson & Co., has invited potential clients to the hedge fund’s office on April 24 to present the new fund, which will include a 15-minute discussion of tax-deferred or tax-free investing.
eVestment reported last month that Paulson was considering a move to Puerto Rico to avoid domestic high tax rates. Puerto Rico recently passed a law that would eliminate taxes on gains, which would benefit Paulson as he has about $9.5 billion invested in his own hedge funds. Paulson has since released a statement dismissing the relocation.
Paulson rose to fame after making $3.7 billion in 2007 by short-selling subprime mortgages. Paulson & Co. currently manages approximately $18 billion in in assets, down from its $36 billion AuM in 2010.