Banking News – More than 100 hedge funds snatched up shares of Citigroup during the fourth quarter of 2009, with large well-known names like George Soros, Eric Mindich and John Paulson purchasing nearly a half billion shares in the bank.
The buying spree by the hedge fund arena was further evidenced by the fact 10 shares of Citigroup were bought by a fund for every one sold during the final three months of 2009. All told, the hedge fund industry had a net addition of Citigroup shares of roughly 1.2 billion.
John Paulson’s Paulson & Co. reported a stake of 506.7 million Citi shares, according to a regulatory filing. That’s up from roughly 300 million reported at the end of the third quarter.
