More redemptions for John Paulson’s hedge fund Paulson & Co as
Citigroup Inc.’s private bank is pulling about $410 million
The private bank is redeeming from John Paulson’s Advantage Fund and Advantage Plus Fund, said the people, who asked not to be identified because the information is private. Citigroup is also pulling from the Merger and Recovery Funds, the people said.
The hedge fund, run by Paulson, lost 18 percent this year through July in its Advantage Plus strategy, according to a monthly investor update. That fund, one of the firm’s largest, posted a loss of 51 percent last year. Citigroup’s private bank, which told clients this morning of their plans to withdraw from Paulson funds, in May advised clients not to add money to them, a person familiar with the matter said at the time.
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