WHICH FUND MANAGERS DO MILLIONAIRES PREFER?

Which fund managers do millionaires prefer?09 Nov 2011 | 09:25Natalie KenwayMillionaires favour hedge fund manager Paul Singer, CEO of Elliott Management, as the manager they trustmost with their cash, according to an investment club survey.Singer, who is worth over $900m himself and responsible for the $17bn in AUM at his company, was voted number one out ofthe top ten best investment managers by 180 members of TIGER 21, a high-end investment club who collectively manage $15bn.John Paulson, famous for betting against subprime mortgages during the financial crisis in his Advantage Plus fund but who hasseen substantial losses more recently, was also among the top 10 as well as Hayman Capital Management’s Kyle Bass and IsraelEnglander, who runs the hedge fund firm Millennium Management, according to Reuters.Robert Zoellner, Norman Miller, Richard Dowdle, David Einhorn and Andreas Halvorsen also made the cut although no reasonswere given why the members favour these managers.Property was the most popular asset class for millionaires followed by stocks, then hedge funds. The report also noted hedgefunds had seen their highest level of investment since 2007.Favourite stocks included Apple, Warren Buffett’s Berkshire Hathaway and General Electric while financial companies Bank ofAmerica, Citigroup and Wells Fargo were also listed.”This is the second year in a row that Warren Buffett’s company has been the darling of TIGER 21 Members,” the survey said.