John Paulson to launch Newcits fund

Star US hedge fund manager John Paulson is to launch a Ucits III version of his flagship strategy.

The Newcits fund will be launched in partnership with Deutsche Bank in the coming weeks and will be called the DB Paulson fund, according to Citywire sources.

It will join Deutsche's Newcits platform which already includes funds from hedge firms such as Ikos, QCM, Winton and Toscafund.

The planned Paulson fund will be a rare opportunity for swathes of new investors in Europe to access the talents of one of the world's most successful hedge fund managers for the first time.

Paulson is one of the wealthiest fund managers in the world; his net worth is estimated to be $12 billion. He is said to have personally made $3.5 billion from shorting subprime in 2007, when his Credit Opportunities fund made some 590% net of fees.

A Deutsche Bank spokesperson declined comment on the news.