Partners share £27 million at Paulson's London arm
LONDON (Reuters) - Profits at Paulson Europe, the UK-based arm of John Paulson's hedge fund firm, fell 17 percent in the year to end-March, reflecting losses in the billionaire investor's funds, although its four partners still shared a 26.5 million pound bonus pool.
Profit available for discretionary division among the partnership's four members dropped to 26.5 million pounds over that period from 32.1 million pounds the previous year, the firm said in a regulatory filing this week.
The results, which do not cover all of 2011, come after a dismal period for Paulson, one of the $2 trillion (1.3 trillion pound) hedge fund industry's biggest stars. He has suffered recently from big bets on Bank of America (BAC.N), Hewlett Packard (HPQ.N), Hartford Financial Services (HIG.N) and Sino-Forest TRE.TO.
His Advantage Plus fund, which had lost just 1.7 percent in the first three months of last year, went on to lose 52 percent for the year to December 16, while the Advantage fund was down 36 percent.
The highest-paid member at Paulson Europe -- likely to be Paulson Ltd, controlled by Paulson himself -- was allocated almost 15 million pounds.
The remaining 11.6 million pounds is likely to have been split between partnership members Nikolai Petchenikov, Harry St. John Cooper and Mina Gerowin Herrmann.
A spokesman for Paulson declined to comment on the results.
(Editing by Sinead Cruise and Mike Nesbit)
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