Billionaire hedge fund manager John Paulson has gotten another dose of bad news.
Morgan Stanley Smith Barney is recommending that its financial advisers pull client money out of Paulson’s Advantage and Advantage Plus funds, a person familiar with the matter said yesterday.
Morgan Stanley had been watching Paulson’s performance for months and prepared for this move when it told advisers last spring to stop putting new money into those funds, advisers with the firm have said.