Tags: Paulson Made More Than 1 Billion on Citigroup Stake

Paulson Made More Than $1 Billion on Citigroup Stake

Monday, 24 January 2011 01:16 PM EST

Paulson & Co., the hedge fund run by billionaire John Paulson, told clients that the firm made more than $1 billion on its Citigroup Inc. investment since the middle of 2009.

Citigroup was the fund’s most profitable bank holding last year, Paulson said in a letter to clients this month.

“Citigroup demonstrates the upside potential of many of the restructuring investments we have added to our portfolio and our ability to generate above-average returns in large positions,” Paulson said in the letter, a copy of which was obtained by Bloomberg News.

Paulson sold 82.7 million shares in New York-based Citigroup in the third quarter, leaving it with 424 million shares, according to filings. The bank was Paulson’s fourth- largest U.S. equity holding in the period.

Paulson, which manages $35.9 billion, said it expects to see continued U.S. economic growth this year.

“We believe the U.S. economy is recovering and we anticipate continued growth,” the firm said in the letter.

Armel Leslie, a spokesman for the New York-based hedge fund, declined to comment on the letter.

© Copyright 2025 Bloomberg News. All rights reserved.


StreetTalk
Paulson Co., the hedge fund run by billionaire John Paulson, told clients that the firm made more than $1 billion on its Citigroup Inc. investment since the middle of 2009. Citigroup was the fund s most profitable bank holding last year, Paulson said in a letter to...
Paulson Made More Than 1 Billion on Citigroup Stake
175
2011-16-24
Monday, 24 January 2011 01:16 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved