interesting turns of events

For The First Time In Its Life, Citigroup Gets To Be Tired Of Someone Else’s Underperformance

Citigroup’s private bank is pulling 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. 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…Citigroup’s private bank in May advised clients not to add money to the Paulson funds, a person familiar with the matter said at the time. [Bloomberg]

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38 Responses to “For The First Time In Its Life, Citigroup Gets To Be Tired Of Someone Else’s Underperformance”

  1. Guest says:

    Probably better just to be a family office anyway… less reporting nonsense to deal with.

  2. Guest says:

    Hey John, need a hand?

    – Bubble Boy

  3. Guest says:

    Mr./Ms. client,
    After chasing Paulson's 2009 returns in 2011 our consultants have decided the strategy is just not working. Given volatility and market conditions in 2012 we have decided to go a different direction. Thank you for paying your management fees.
    -Citi private banker

  4. JC Comeback says:

    Hey Vik,

    Can I get yo numba? Can I have it?


  5. oki says:

    Bold move from Citi. I thought their go to maneuver when a hedge fund they invest in blows up was to bring the hedge fund manager over to the CEO position.

  6. guest says:

    There are a few times a decade where you just can see a trade working out before anyone else can see it. It is a godlike feeling. This is where you make your fortune. The trick is to do very little in between these few opportunities. If a guy doubles your money on one big trade, thank him and ask for a redemption.

  7. Citi PB Client says:

    So what you're telling me is I don't have to pay you a management fee anymore to advise me to invest in a fund that charges me 2 and 20 to invest in a Gold ETF that anyone with a Scottrade account could do already?

  8. Strong Sell says:

    They should put their money into Tilson's fund. The fees are worth it – its the best way to put money into Berkshire Hathaway / JC Penney stock.

  9. Soros Sr says:

    Frees up some space for Soros Jr to put that $3bn to work

  10. Guest says:

    I was walking 9 holes late yesterday, hitting it well, and this guy walks up on 2, real asshole type that always follows up your story with a story where he does something similar but way better, introduces himself and can he play with me. So I started hitting it sideways, couldn't do anything right, three-putted 5 and he's had enough and sees a buddy on 16 and says he's gonna go catch a few holes with him. God damnit if I wasn't 1-under coming in.

    Maybe it turns around for JP.

  11. Ashley Dupre' says:

    I agree with Citi pulling out is probably a good idea

  12. Pauls son says:

    Gary, have you ever seen a man eat his own head?

  13. Unrelated, Not Funny says:

    Hi, you've reached the voice mail of Matt Levine* I'm currently away from the office and spending some personal time with all of the Romney / Bain documents that Gawker just released, if you leave a message I'll return it as soon as I'm done organizing all the pertinent information into charts, graphs and, like, prose.

    *Just FYI, Gary Cohn's crotch once left a message in this voice mail box, so show some respect.

  14. Cat says:

    Wait, for the first time in which life? Because I may be miscounting.

  15. Headline from 2037 says:

    "We have not a single down month since August 2012," says Hedge Fund Big

  16. JohnnyCanes says:

    In related news, Citi hired Matt Taibbi as their new investment strategist.

  17. evanscotb says:

    His name was John Paulson

  18. Nakil says:

    It's the curse of the big short. All those guys have stunk it up since, but our friend Paulson has a few billion to cry himself to sleep with, unlike his investors who all got in AFTER 2008.

  19. 25thHourTrader says:

    Fine. I'm taking C off my list of unsuccessful investors today.

    -J. Paulson

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