Sun Hung Kai, Paulson to launch distressed fund

HONG KONG Fri Jan 16, 2009 5:03am GMT

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HONG KONG Jan 16 (Reuters) - Sun Hung Kai Financial (0086.HK), the Hong Kong financial group, on Friday said it will partner with hedge fund Paulson & Co to launch a distressed asset investment fund focusing on financial companies.

Sun Hung Kai said Paulson, run by legendary investor John Paulson who made billions of dollars betting against the U.S. housing market, will act as the fund's investment manager.

Sun Hung Kai did not disclose the size of the fund.

Paulson has approximately $29 billion in assets under management with offices in New York, London and Hong Kong.

(Reporting by Michael Flaherty, Editing by Jacqueline Wong)