Paulson Rakes In More than $1B in Citi Gains

Paulson & Co, the world’s third-largest hedge fund manager, has told clients it has made more than $1 billion from its stake in Citigroup (C) over the past 18 months and expects US growth to accelerate this year. “Citigroup gained 43% in 2010 and was our most profitable bank position,” Paulson said in a year-end letter sent to investors this month. “In total we have achieved over $1 bln of gains in our Citigroup position since initiation in mid-2009.” – FT