``Investcorp's $8bn-strong hedge fund arm is to work with star fund manager John Paulson to launch a new fund to take advantage of the eventual upturn in the credit markets. Mr Paulson, 52, the founder of Paulson & Co, was the best paid hedge fund manager last year, taking home an estimated $3.7bn (£1.8bn) after betting on the collapse of sub-prime mortgages, according to Institutional Investor's Alpha Magazine.''

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