Looks like the goldbugs have got more faith in John Paulson than Citi Private Bank.
NEW YORK (Reuters) - The blows keep coming for hedge fund manager John Paulson, with Citi Private Bank deciding it will withdraw $410 million from Paulson & Co's flagship Advantage funds, according to people familiar with the decision.
Citi discussed its plan to pull capital from Paulson's Advantage funds, which have recorded double-digit losses so far this year, on a Thursday morning call with its private bank advisers, said one of the people familiar with the decision, but who was not on the call.
The Advantage Plus fund sank 18 percent through the end of last month, and the Advantage fund declined 13 percent over the same period.
Hedge funds gained 2.88 percent on average through July 31, according to hedge fund tracking firm HFR, while the broader stock market rose 7.41 percent over the same period.
