Hedge Funds Bank of America Citigroup
Hedge Funds Swap Bank of America for Citigroup
But the Charlotte, North Carolina-based lender's greater reliance on U.S.-based customers may now be a disadvantage in light of the weaker U.S. economic picture and tighter financial regulations, some analysts and investors said.
"Globally, there's far greater opportunity for Citigroup than for Bank of America," said Bill Fitzpatrick, analyst at Optique Capital Management.
The shifting sentiment was clear in the second quarter "Smart Money" survey compiled by Thomson Reuters from securities filings of the portfolios of 30 of the biggest fundamentally-oriented hedge funds.
Larry Robbins' Glenview Capital sold down some of its BofA position while adding to its Citi stake. Andreas Halvorsen's Viking Global Investors, Chris Shumway's Shumway Capital and Steve Mandel's Lone Pine capital all exited BofA. Bill Ackman's Pershing Square Capital and Thomas Claugus's GMT Capital took up new stakes in Citi. Source
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