Chapter 492 Family Office

Chapter 492 Family Office

Chapter 492 Family Office

As early as 1994, John Paulson co-founded the Paulson Hedge Fund.

Around 2000, the total assets under his management were only about 2000 million US dollars. By seizing the opportunity of the bursting of the Internet bubble in 2001, most fund companies suffered losses at that time, but the funds managed by John Paulson still made a profit of about 5%, successfully attracting investors in droves.

By 2003, the size of the assets he managed had reached around US$6 million. However, his performance was mediocre thereafter, and it took him three years to barely squeeze into the "US$10 billion club."

There are hundreds of fund companies of this size on Wall Street alone. John Paulson is indeed still an unknown person, and his personal net worth has just reached the threshold of 1 million US dollars.

When Fan Wumian turned his attention to him, he quickly collected various information about John Paulson and his company.

Information such as where one's hometown is, the names and occupations of his parents, the year he went to college in New York, the year he received his MBA from Harvard University, and what lawsuits he has been involved in are all clearly listed in the background check documents.

the next day.

Fan Wumian slept until 9 o'clock in the morning, and then took a car to the investment office that helped him manage his assets.

This "family office" investment department just moved its office into Zuo Ziyan's family's office building in Tsim Sha Tsui two months ago. Almost all daily affairs revolve around Fan Wumian alone.

Currently, most of the chores of his business are handled by this investment department, including the front desk, and a total of 21 full-time employees have been recruited so far.

The secret to keeping a family office lean is that many professional matters are outsourced to third parties, including accounting firms, law firms, headhunting firms, consulting firms, etc.

Like this time, the task of collecting information on John Paulson was entrusted to the multinational consulting firm McKinsey. It cost several thousand dollars to do a detailed background check, but judging from the results, it was very worthwhile.

For example, for the fund that John Paulson just established this year to short subprime mortgage bonds, experts helped write a report to comprehensively assess its situation.

Fan Wumian had no idea what the financial investment professional terms "CDS", "CDO" and "ABX Index" mentioned in the report were. As a layman in the hedge fund field, he only cared about the fact that in addition to the 8% management fee, he could get 20% of the profit as performance commission after making a profit.

After learning this key information, Fan Wumian wanted to cooperate with John Paulson even more. After reading the information, he called a meeting of senior executives and asked them to find someone to evaluate the value of Paulson's hedge fund company.

The same farm.

In some people's eyes, it's worth only the price of the farm.

But knowing in advance that there was oil or gold beneath the farm would be a completely different matter.

After briefly understanding the situation of Paulson Hedge Fund, Fan Wumian felt that it was the opportunity he had been waiting for for a long time.

After all, looking around the world, there are very few funds that specialize in shorting subprime mortgages. Once there is any disturbance in the subprime mortgage market, a large amount of funds is likely to flow into Paulson's hedge fund company.

If the scale of funds expands, the management fee plus the 20% performance commission on the profit portion may result in considerable income.

He only knows a general trend and is not clear about the specific key time nodes. Compared with leveraging to short a company, investing in such a fund company is less risky and the potential return seems to be higher.

I didn’t have the opportunity to come into contact with hedge funds in my previous life, but I have bought funds on Jifubao. If I had understood the charging rules, I would have found that those fund companies are guaranteed to make a profit regardless of the market conditions.

Regardless of whether investors suffer losses or not, handling fees, management fees, etc. will still be charged. Jifubao relies on building a fund distribution platform, with annual revenue exceeding 10 billion yuan.

From some perspectives, simple investment behavior is obviously not as good as building a platform.

Fan Wumian's plan now is to use Paulson Hedge Fund as a platform to make a fortune by shorting subprime mortgage products, hoping to earn some cash to fill the hole.

Although his income is higher than his expenditure, he still has to pay the bank HK$100 million in interest every day when he opens his eyes. Plus, he has to burn money in many places, so he still needs to have more liquid funds to feel at ease.

After the meeting.

Fan Wumian sat in an office that he seldom visited, and through the window behind him he could overlook the Victoria Harbour.

At night, the view outside the window would probably be even more beautiful, but since he moved the family office here, he has never come to work overtime after dark, and usually only communicates with employees through phone calls or emails.

He said to Pu Jiajing:

"Go buy me some books on finance, funds, etc. I'll put them by my bed and flip through them before going to sleep. I think they help me sleep. My business has grown, and there are so many industries involved. I need to learn some new knowledge. I just heard the consultant say a lot of professional terms in the meeting, but I could only understand the general idea. Fortunately, I can act, otherwise it would be so embarrassing if it got out."

Pu Jiajing opened her eyes wide and looked at him in surprise:
"Is there something you don't understand, boss? I thought I was the only one who didn't understand among so many people in the conference room. My university teacher said that the most taboo in doing business is to easily get involved in a field that you haven't figured out yet. Boss, you better be careful. Everyone knows that Wall Street is a place where people are eaten without leaving any bones. In order to make money in business, those people will kill people the most cruelly."

Fan Wumian shook his head:
"I don't know how to program, but I still managed to make Tudou.com a success. Some bosses have invested in dozens or even hundreds of companies, so how can they know every industry? It takes a lot of time and energy to become an expert in a field."

"I like to invest in real estate, and I've long felt that something is wrong with the U.S. real estate market. There are reports online that some dancers who strip while dancing in clubs dared to take out loans to buy three houses in Los Angeles, and they only paid down payments for all of them. If something goes wrong, it will definitely become a big problem."

"That's why I hope to cooperate with some great experts, try my luck and bet that there will be problems in the US housing market. The total assets managed by the Paulson hedge fund company are only 10 billion US dollars. Even if its net profit is 1000 million US dollars a year, its valuation is only more than million at most, which is just within my acceptable range."

"You use the word 'talent' well. I still remember when I was an intern with you, you would bargain with the driver every time you took a taxi. Now you are a big boss."

Pu Jiajing is already very satisfied with the current situation.

Fan Wumian became rich, and she also benefited from it.

An annual salary of 200,000 to 300,000 RMB is nothing compared to many senior white-collar and gold-collar workers in Hong Kong cities, but it is more than ten times higher than the current average salary in Shenzhen.

During some periods of work, the extra income she received was more than her salary.

For example, after Pu Jiajing posted the three signed edition Valentino sample bags that she gave her last time on her Weibo account, a few days ago a wealthy girl from Singapore sent her a private message, offering to buy them for 5 Singapore dollars.

Pu Jiajing didn't think it was a big deal at first, but after checking, she found out that it was equivalent to more than 200,000 RMB.

In addition, the owner of a Hong Kong store that specializes in selling second-hand bags contacted her and said that someone was willing to buy her for 20 Hong Kong dollars, and later increased the price to 30 Hong Kong dollars.

The old house of Fan Wumian's family that was purchased by chance has now skyrocketed in market price to over a million Hong Kong dollars.

Just because Fan Wumian lived there, the price will be hundreds of thousands higher than houses on the same floor and with the same layout. The main reason is that some people think it has good feng shui, and his fans are willing to pay extra.

Fan Wumian pointed to the Hong Kong International Finance Center Phase II across the Victoria Harbour and said:
"People always think twice before they think twice. The Miss Xu who invited me to the exhibition became a member of a multi-billionaire family just by marrying into someone else's family. Look at me, I've worked so hard for so long, but I'm afraid it's not as good as her giving birth to a son and becoming rich right away."

"How can your husband's money be the same as your own? You have to act according to other people's moods, not fight back when you are beaten or scolded. You may have to do a lot of housework from morning to night, and spend the whole day revolving around the children. Your life is miserable."

After hearing what Pu Jiajing said, Fan Wumian had a strange expression:

"She married into a multi-billionaire family, not a millionaire. She has servants to do the housework and a nanny to take care of her baby. It's not as miserable as you say. Does poverty limit your imagination? Tsk, you've been by my side for so long, this shouldn't be the case."

"Wait a minute before leaving. I'll call Brother Xiao Ma first."

"I have licensed Dungeon Fighter to Penguin for so long, but I have not received any dividends. I have a lot of money to spend next time, so I need to think of a way to recover the funds."

……

The members of the Allure Girls group are still staying in Hong Kong.

Guo Biting was very receptive to advice.

She changed into a new look that suited her better, and also put on full makeup and changed into new clothes.

She hadn't completely given up, and she didn't even mute the phone last night, expecting Fan Wumian to contact her...

(End of this chapter)