Hedge fund investors have made billions by betting on the fortunes of hedge funds like Trump’s.
Now it appears they’ve got a chance to make more, thanks to the new Trump Foundation.
Read moreThe hedge fund called Renaissance Technologies made a $3.5m profit on the sale of the Donald J. Trump Foundation last week, according to financial records, after buying a stake in a Trump business in 2019.
According to a filing with the Securities and Exchange Commission (SEC), the Trump International Hotel and Tower in New York City, which opened in 2008, is now owned by Renaissance Technologies, an investment firm based in California.
The company is a subsidiary of hedge fund giant Third Point.
A source told the Financial Times that Renaissance Technologies owns the Trump hotel, which was originally known as Trump International.
Renaissance Technologies owns a 10.4 per cent stake in the Trump Hotel, which is owned by a Chinese company, and a 9.4 percent stake in Trump World Tower, a skyscraper located in Manhattan.
The Trump Organization owns a 25.6 per cent interest in the tower, which also sits in New Jersey.
The firm has also bought stakes in the hotels of other Trump companies, including Trump Hotels and Casino Resorts.
The new hedge fund, founded by former hedge fund manager John Paulson and named after Paulson, is trying to raise funds from people in the hedge fund industry, according the SEC filing.
Renoissance Technologies, which has raised a total of $3bn since it was formed in 2013, said it had invested $1bn in the New York-based Trump Foundation and $1.1bn on the Trump University.
