Tue, Dec 1, 2015
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. David Einhorn's hedge fund plunged 5.2% in November, set for 2015 loss[more]

    From Bloomberg.com: David Einhorn’s main hedge fund at Greenlight Capital fell 5.2 percent in November and is poised for only its second losing year in almost two decades. The losses bring the fund’s yearly drop to almost 21 percent, according to an e-mail sent to clients that was obtained by Bloomb

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From PIonline.com: Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Commodities - Stung by oil, distressed-debt traders see worst losses since '08[more]

    From Bloomberg.com: It’s mid-November, but for investors who trade in the debt of distressed companies, the year’s already done -- and they lost. Hedge funds that specialize in the debt are grappling with their worst declines in seven years. Funds managed by Knighthead Capital Management, Candlewood

  4. Regulatory - Major changes in partnership audit procedures contained in 2015 Budget Act[more]

    Contained in the Bipartisan Budget Act of 2015, signed by President Obama on November 2, is a rather complex provision that materially changes how partnerships are audited. Generally effective for tax years beginning after December 31, 2017, the so-called “TEFRA” and “Electing Large Partnership” rul

  5. Following review Yuan included in reserve currency basket[more]

    Bailey McCann, Opalesque New York: The International Monetary Fund has confirmed the inclusion of the Chinese Yuan in the reserve currency basket. This means that loans will be available in Yuan alongside other major currencies including the US Dollar and the Euro. The basket of reserve curr