鲍尔森称旗舰基金未发生大规模撤资

John Paulson acknowledged during a conference call with Bank of America Corp. investment advisers and their clients that his flagship hedge fund had posted disappointing returns, while assuring them his firm hadn't faced an exodus of investors.

鲍尔森(John Paulson)在与美国银行(Bank of America Corp)的投资顾问及其客户召开的一次电话会议中承认，他的旗舰对冲基金的回报令人失望，他同时向这些人保证，投资者没有从其公司大规模撤资。

Bank of America had arranged Tuesday's call after a number of clients went to their advisers with concerns about Mr. Paulson's funds, a person familiar with the plans said. The bank's wealth-management arm aimed to give customers the chance to hear directly from Mr. Paulson, the person said.

一名知情人士说，美国银行安排了周二的这次电话会议。此前，一些客户向美国银行的顾问表达了他们对鲍尔森旗下基金的担忧。该知情人士说，这家银行的财富管理团队决定给客户一个直接与鲍尔森对话的机会。

Last week, another large Paulson & Co. client, Citigroup Inc.'s private bank, decided to stop investing with the firm. On the call, Mr. Paulson expressed disappointment with Citigroup's decision, while noting that investor redemptions, or formal withdrawal requests, from his funds weren't unusually high this year, according to people who listened to the call.

上周，鲍尔森基金(Paulson & Co.)的另一家大客户──花旗集团(Citigroup Inc.)旗下的私营银行决定停止通过该公司进行投资。据听取了这次电话会议的人士说，在电话会议中，鲍尔森表达了对花旗集团决定的失望，他同时指出今年投资者赎回或是提出正式撤资申请的情况并没有异乎寻常地高。

Bank of America executives began the discussion praising Mr. Paulson for his 'high quality work' and the 'deep bench' at the firm, particularly lauding his investments in gold miners.

美国银行的高管们在会议一开始称赞了鲍尔森高质量的工作以及鲍尔森公司强大的团队，尤其对鲍尔森对金矿企业的投资表示了赞赏。

Paulson & Co.'s flagship fund, Paulson Advantage, was down 36% in 2011 and has declined 13% this year. Some of the questions focused on the flagship fund's performance, which he admitted was disappointing, though the tone of the call wasn't 'agitated or aggressive, even though some people were frustrated,' said a person familiar with the discussion.

鲍尔森基金的旗舰基金Paulson Advantage 2011年跌了36%，今年又跌了13%。知情人士说，会上的一些问题集中在了这只旗舰基金的表现方面，鲍尔森承认这只基金的表现令人失望，不过会议的基调并非焦虑不安，也没有咄咄逼人，虽然一些人确实感到沮丧。

One person asked Mr. Paulson for a timeline of how long it would take to turn things around. He declined to specify a timeline, but said his objective was to win back the losses the fund had suffered.

有人要求鲍尔森提供一个时间表，阐明多长时间能够扭转局面。鲍尔森没有答应这个要求，但他表示，他的目标是把基金的亏损赚回来。

Mr. Paulson said the fund didn't need a broad market rally. Instead, he noted, some specific investments would need to perform better.

鲍尔森说，他的基金不需要市场普涨。他指出，只需要一些特定的投资有更好的表现。

He reiterated his bullish stance on gold miners that the bank had praised.

他重申了对美国银行夸奖过的金矿企业投资的看涨预期。

While Mr. Paulson speaks quarterly with Bank of America advisers, Tuesday's discussion was an additional call, a person familiar with the matter said.

一名知情人士说，尽管鲍尔森每个季度都会与美国银行的顾问谈话，但周二的电话会议不属于此类。

Bank of America isn't pulling funds in a firm-wide decision like Citi and has no plans to change the status of the relationship with Paulson & Co., people familiar with the matter said. About 1,000 Bank of America advisers were invited to be on the call, according to people familiar with the matter. More than 200 people were on the call, one person said.

知情人士说，美国银行并没有像花旗那样做出公司范围的撤资决定，也没有改变与鲍尔森基金现有关系的计划。知情人士说，大约1,000名美国银行的顾问被邀请参加电话会议。实际参加会议的有200余人。