Wed, Sep 28, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Citigroup Private Banking pulls out of Paulson fund

Friday, August 24, 2012

Bailey McCann, Opalesque New York: Bloomberg is reporting that Citigroup Private Banking is redeeming money invested with billionaire hedge fund manager John Paulson. Paulson had his worst year on record in 2011, and sources familiar with the matter say that Citigroup is looking to recoup some of those losses by exploring other options. Citigroup is pulling approximately $500m from Paulson & Co.'s Advantage Fund and Advantage Plus Fund.

Ironically, Paulson sold his shares in Citigroup, just before the end of the fourth quarter of last year. Paulson had 25.1m shares of Citigroup when he got rid of them as part of a larger sell off of shares including Bank of America and BlackRock. A Bloomberg account of the matter noted that the sell off appeared to be the result of investor pressure to reduce some of his largest exposures which included financials at the time.

Paulson was also in the news recently with George Soros, for making a large increase in his gold position when the price of the SPDR Gold Trust ETF price dropped last week. Paulson added 26% to his gold posi......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style