(Bloomberg) -- Bank of America is pulling its wealthy clients' money from one of billionaire John Paulsons hedge funds and reviewing another because of concern that large positions may be hard to sell.
The bank sent a memo to financial advisors telling them to withdraw about $80 million from Paulsons Advantage Fund because of illiquid investments and elevated volatility, according to two people familiar with the matter. It also said they shouldnt put any more client money into the firm's Special Situations Fund and put it on heightened review because of concern over some large illiquid investments, said the people, who asked not to be named because the funds are private.
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