HONG KONG Jan 16 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)