Filed under: Citigroup Inc. (C), Bank of America (BAC)
In a case of buy low, sell high, Kuwait's sovereign wealth fund just unloaded its $4.1 billion stake in Citigroup (C). In doing so, the fund scored a $1 billion profit -- and a 37% rate of return on its investment -- according to the Kuwait Investment Authority (KIA).
The fund invested in Citigroup in January 2008, before the financial industry came to the brink of collapse last year, but well after the impact of the mortgage crisis had been identified. The fund also invested $2 billion in Merrill Lynch, which was acquired by Bank of America (BAC) in September 2008.
Continue reading Kuwaiti fund rakes in $1 billion profit on Citigroup sale
Kuwaiti fund rakes in $1 billion profit on Citigroup sale originally appeared on BloggingStocks on Sun, 06 Dec 2009 14:10:00 EST. Please see our terms for use of feeds.
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Full story at http://www.pheedcontent.com/click.phdo?i=35177d0f213e193deee03e00d5ba83dd
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