It's been a pretty rough couple of years for Citigroup. But a couple of the world's biggest hedge fund managers seem to think Vikram and Co. have something going.
Paulson & Co. bought up a $1.2 billion stake in Citi during the third quarter, while Renaissance Technologies took a more modest $90 million slice. RenTech has been somewhat schizophrenic about Citi, selling off 21.5 million shares in the second quarter, only to rebuild its stake to--you guessed it--21.5 million shares last quarter.
Renaissance, at least, is a good deal less bullish on our friends at Bank of America. The Long Island quant fund rid itself of almost all of its shares in the soon-to-be-CEO-less firm, which keeps finding ways to make TheWorstJobonWallStreeteven worse.
John Paulson still believes in Ken Lewis, Inc., holding on to his $2.7 billion stake in Charlotte's economy. But he's soured on God's favorite firm, dumping his entire stake in Scrooge Blankfein. Apparantly, the subprime savant only likes subsidiaries of the Treasury and Federal Reserve.
Paulson also slashed his stake in JPMorgan Chase while betting on Hartford Financial Services Group and First Horizon National Corp. RenTech, which is losing founder James Simons at the end of the year, slightly reduced its stake in HSBC.
Paulson, RenTech Invest In Citi [FINalternatives]
Hedge fund Renaissance slashes BoA stake, ups Citi [Reuters]
Paulson Takes Citigroup Stake, Sells Goldman Sachs Shares [Bloomberg]