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The guy who helped Paulson & Co. make $15 billion in 2007 just left the firm

Sihan Shu left Paulson & Co at the end of June and is in the early stages of preparing his own hedge fund firm, according to two people familiar with the situation who requested anonymity because the information is private.

Whether or not Paulson would replace Shu, a managing director with expertise in structured financial products, was...