<!-- Swiftype Variables -->

Money Management

Paulson acquiring stake in BrightSphere

Paulson & Co. is purchasing the stake in $238 billion multiboutique manager BrightSphere Investment Group that previously was held by HNA Capital Holding, a BrightSphere news release said.

The alternative asset manager is expected to own 24.95% of the ordinary shares of BrightSphere following completion of the transaction, the release said. The closing of the transaction is subject to regulatory approvals.

Effective Nov. 16, John Paulson, president of Paulson & Co., and Guang Yang, managing member of H Plus Capital, joined the BrightSphere board of directors, replacing Enrico Marini Fichera and Daniel Chen, the release said.

"The transfer of shares to a respected institutional investor such as John Paulson will bring the clarity of ownership and stability which is positive for all of our constituencies," BrightSphere's Chairman James Ritchie said in a statement in the release.

Spokesmen for BrightSphere and Paulson & Co. could immediately be reached for comment.

Paulson & Co. had $8.7 billion in regulatory assets under management, as of Jan. 1, according to its ADV filing with the Securities and Exchange Commission. The firm was the 24th largest hedge fund manager by regulatory assets, according to Pensions & Investments data.