Billionaire investor John Paulson's hedge fund is 'rightsizing,' and a bunch of senior staffers are leaving

John Paulson


John Paulson.

Billionaire John Paulson's hedge fund has launched a shakeup that has led to a number of senior departures, people familiar with the matter told Business Insider.

The departures from Paulson & Co. include:
  • Allen Puwalski, financial sector investing partner who had worked at Paulson since 2007, according to a LinkedIn page.
  • Keith Hannan, head of trading, who made an appearance in Greg Zuckerman's 2010 book "The Greatest Trade Ever" as Paulson's stock trader.
  • Victor Flores, a senior vice president and partner, according to a Bloomberg terminal profile.
  • Brad Rosenberg, head credit trader and partner.
"We are rightsizing the firm to focus our core expertise in areas that are growing," a spokesperson for Paulson told Business Insider.

The departures come as the fund has struggled to perform over the years and faced significant redemptions.

New York-based Paulson & Co. managed $9.5 billion in hedge fund assets as of mid-year 2017, a 27% drop from 12 months prior, according to the Absolute Return Billion Dollar Club ranking.

This story is developing.