Thursday, August 23, 2012

Mystery of the Hour: Citi Private Bank Said To Redeem From Paulson Fund

Citigroup’s (C) private bank is yanking about $500 million from Paulson & Co., the hedge fund run by billionaire John Paulson seeking to reverse record losses in 2011, according to two people familiar with the matter told Bloomberg.

The private bank is redeeming from Paulson’s Advantage Fund and Advantage Plus Fund, said the people who asked not to be identified because the information is private.

Armel Leslie, a spokesman for New York-based Paulson, and Natalie Marin, a spokeswoman for Citigroup, also based in New York, declined to comment.

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