John Paulson Joined by 15 Investors in Council to Oversee Gold Miners
After almost a year of behind-the-scenes work, billionaire hedge-fund manager John Paulson has formed a coalition with 15 other investors aimed at curbing years of what his fund has called value destruction in the gold sector.
John Hathaway – who is a general partner at Tocqueville Asset Management LP – and activist fund Livermore Partners are among those who have agreed to join the group, according to an emailed statement from the newly formed Shareholders’ Gold Council. Egyptian billionaire Naguib Sawiris’ La Mancha Group is also on the council. In April, Sawiris told Bloomberg he put half his $5.7 billion net worth into gold.
The idea for the group was first floated by Paulson & Co. during the Denver Gold Forum last September.
The group intends to ensure the management and boards of mining companies are aligned with shareholder interests, he said. The group will meet periodically to address a number of issues and will be funded by members.