We noted just recently that George Soros exited his massive bet on Citigroup, and likely made a nice profit. Another big-name hedge fund manager John Paulson (John Paulson news), who had also been long Citigroup (NYSE: C) in the fourth quarter, is sticking with his large investment in Citigroup, notes TheStreet.com. This sets up an interesting bulls-bear between two heavyweights in the hedge fund universe.

So who's coming out ahead? Citi shares ended the year at about $3.30 and rose about a dollar toward the end of the first quarter. While no one knows what the average selling price was for Soros, he likely fared well. The stock, however, kept on rising, giving Paulson greater paper gains--at least temporarily. From the end of the first quarter through mid-April, Citi shares rose another dollar. But then they plunged back under $4 amid a broad market decline. We'll see when Paulson chooses to exit.

For more:
- here's the article

Related Articles:
Return of the hedge fund vigilantes?
Germany considers spying on hedge funds
Big shake-up in the hedge fund universe
Paulson hedge fund too big to fail?
Buy-side pours into Citigroup