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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......................

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