Paolo Pellegrini to return capital (Magazine Version)

Paolo Pellegrini, the hedge fund manager best known as the architect of John Paulson’s famous short subprime bet, is returning all outside investors’ capital in his global macro firm PSQR Capital by the end of September. The PSQR Master Fund, which launched in April 2008 and opened to outside investors in December 2009, was down about 11% through July 31.

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